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CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 91- 165
<br />By, COUNCIL MEMBER TALLON
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$200,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY COSTS
<br />OF THE JUDGMENT RENDERED AGAINST THE CITY IN CIVIL
<br />ACTION NUMBER C82-3089 IN THE UNITED STATES DISTRICT
<br />COURT FOR THE NORTHERN DISTRICT OF OHIO, EASTERN
<br />DIVISION, AND LOSSES, DAMAGES AND EXPENSES RELATED
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, on September 9, 1987, the United States District Court for
<br />the Northern District of Ohio, Eastern Division, in Civil Action Number C82-
<br />3089 entered an order requiring the City to reinstate to her former job an
<br />employee discharged during a probationary period and to pay that employee back
<br />pay, which order was affirmed on appeal; and
<br />WHEREAS, in order to pay costs of the judgment rendered against the
<br />City in that action and the related losses, damages and expenses, the City
<br />issued $170,000 of notes dated August 10, 1988 and $130,000 of notes dated
<br />September 1, 1988, pursuant to Ordinance No. 88-87, passed July 5, 1988, which
<br />notes (collectively, the 1988 Notes) were retired at maturity with funds of
<br />the City and proceeds of $270,000 notes dated August 10, 1989 (the 1989 Notes)
<br />issued in anticipation of bonds pursuant to Ordinance No. 89-60, passed July
<br />6, 1989, which 1989 Notes were retired at maturity with funds available to the
<br />City and proceeds of $240,000 notes dated June 5, 1990 (the 1990 Notes) issued
<br />in anticipation of bonds pursuant to Ordinance No. 90-63, passed May 15, 1990,
<br />which 1990 Notes were retired at maturity with the proceeds of $240,000 notes
<br />dated March 5, 1991, issued in anticipation of bonds for the purpose stated in
<br />Section 1, pursuant to Ordinance No. 91-22, passed February 6, 1991 (the 1991
<br />Notes), which 1991 Notes are to mature on December 5, 1991; and
<br />WHEREAS, this Council finds and determines that the City should
<br />retire the 1991 Notes with the proceeds of the Notes described in Section 3;
<br />and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has
<br />certified to this Council that the estimated maximum maturity of the Bonds
<br />described in Section 1 is twenty years, and the maximum maturity of the Notes
<br />described in Section 3, to be issued in anticipation of the Bonds, is August
<br />10, 2008;
<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 in the
<br />aggregate principal amount of $200,000 (the Bonds) for the purpose of
<br />providing funds to pay costs of the judgment rendered against the City in
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