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CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 85- 36
<br />BY: MR. WILAMOSKY
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$5,315,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS,
<br />FOR THE PURPOSE OF PAYING COSTS OF IMPROVING AND EXPANDING
<br />THE MUNICIPAL WASTEWATER TREATMENT FACILITIES, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 84-29 passed March 29, 1984,
<br />in anticipation of bonds in the amount of $5,315,000, dated May 4, 1984,
<br />issued for the purpose stated in Section 1, which notes were retired at
<br />maturity with the proceeds of $5,315,000 notes, dated November 1, 1984,
<br />in anticipation of bonds pursuant to Ordinance No. 84-97 passed October
<br />1984, which notes are to mature on May 1, 1985; and
<br />notes
<br />were
<br />issued
<br />25,
<br />WHEREAS, this Council finds and determines it to be in the best
<br />interest of the City to retire at maturity the outstanding notes with the
<br />proceeds of the notes described in Section 1; 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, the maximum matu-
<br />rity of the bonds referred to in Section 1 is forty years, and the maximum
<br />maturity of the notes referred to in Section 3, to be issued in anticipation
<br />of the bonds, is May 4, 2004, or one year if sold at private sale;
<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 principal amount of $5,315,000 for the purpose of paying costs of
<br />improving and expanding the municipal wastewater treatment facilities.
<br />Section 2. The Bonds shall be dated approximately November 1, 1985,
<br />shall bear interest at the now estimated rate of llx per annum, payable semi-
<br />annually until the principal amount is paid, and shall mature in twenty
<br />substantially equal annual installments.
<br />Section 3. It is necessary to issue and this Council determines that
<br />notes in the aggregate principal amount of $5,315,000 (the Notes) shall be
<br />issued in anticipation of the issuance of the Bonds and to retire the out-
<br />standing notes dated November 1, 1984. The Notes shall bear interest at a
<br />rate not to exceed 97 per annum, payable at maturity. The rate of interest on
<br />the Notes shall be determined by the Director of Finance in the certificate
<br />awarding the Notes in accordance with Section 6 of this ordinance.
<br />Section 4. The principal of and interest on the Notes shall be
<br />payable in lawful money of the United States of America, or in Federal Reserve
<br />funds of the United States of America if so requested by the original pur-
<br />chaser. The principal of and interest on the Notes shall be payable, without
<br />deduction for services of the City's paying agent, at the main office of
<br />National City Bank, Cleveland, Ohio, or, at the option of the holder, at the
<br />principal office of a bank or trust company requested by the original pur-
<br />chaser of the Notes, provided that such request shall be approved by the
<br />Director of Finance after determining that the payment at that bank or trust
<br />company will adequately protect the funds of the City and that proper proce-
<br />dures and safeguards are available for that purpose. The Notes shall be dated
<br />May 1, 1985, and shall mature on November 1, 1985.
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