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<br />,
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 85- 81
<br />BY:
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF $350,000 BONDS FOR THE PURPOSE OF PURCHASING
<br />TRUCKS, AUTOMOBILES AND OTHER MOTORIZED EQUIP-
<br />MENT, TOGETHER WITH THE NECESSARY APPURTENANCES
<br />THERETO, FOR VARIOUS DEPARTMENTS OF THE CITY, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 81-102 passed September 15, 1981,
<br />notes in anticipation of bonds in the amount of $410,000, dated September 24,
<br />1981, were issued for the purpose stated in Section 1, which notes were
<br />retired at maturity with the proceeds of $410,000 notes dated September 24,
<br />1982, issued in anticipation of bonds pursuant to Ordinance No. 82-118 passed
<br />September 7, 1982, which notes were retired at maturity with funds available
<br />to the City and the proceeds of $350,000 notes, dated September 22, 1983,
<br />issued in anticipation of bonds pursuant to Ordinance 83-106 passed September
<br />6, 1983, which notes were also retired at maturity with the proceeds of
<br />$350,000 notes, dated September 19, 1984, issued in anticipation of bonds
<br />pursuant to Ordinance No. 84-69 passed July 31, 1984, as amended by Ordinance
<br />No. 84-74 passed August 23, 1984, which notes are to mature on September 19,
<br />1985; and
<br />WHEREAS, this Council has determined that it is in the best interest
<br />of the City to cause bonds to be issued in October, 1985 to provide funds to
<br />retire several issues of bond anticipation notes and to offer and sell such
<br />bonds at one time and pursuant to a common plan of marketing; and
<br />WHEREAS, this Council therefore finds and determines it to be
<br />necessary and in the best interest of the City to authorize, by a separate
<br />ordinance, the issuance of short-term renewal notes (Renewal Notes) to provide
<br />funds to retire at maturity the outstanding notes and to authorize, by this
<br />ordinance, the issuance of the bonds described in Section 1 to provide funds
<br />to retire the Renewal Notes at their maturity; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has
<br />certified to this Council that the estimated life or usefulness of the
<br />improvement described in Section 1 is at least five years and the maximum
<br />maturity of the bonds referred to in Section 1 is five years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City (the Bonds)
<br />in the aggregate principal amount of $350,000 for the purpose of purchasing
<br />trucks, automobiles and other motorized equipment, together with the necessary
<br />appurtenances thereto, for various departments of the City.
<br />Section 2. The Bonds shall be issued in one lot and only as fully
<br />registered Bonds registered as to both principal and interest, in the denomi-
<br />nations of $5,000 or any integral multiple thereof but not exceeding the prin-
<br />cipal amount of the Bonds maturing on any one date; and shall be dated as of
<br />October 1, 1985.
<br />The Bonds shall bear interest at the rate of lOX per annum, payable
<br />on June 1 and December 1 of each year (the Interest Payment Dates), commencing
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