91-086 Ordinance - Laserfiche WebLink

Home Browse Search

CITY OF NORTH OLMSTED ORDINANCE N0. 91-~(Z By; Councilman Tallon AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $125,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING A MOTOR VEHICLE FOR USE IN CARRYING OUT FUNCTIONS OF THE DEPARTMENT OF PUBLIC SERVICE. WHEREAS, the Director of Finance as fiscal officer of this City has certified to this Council that the estimat ed life or period of usefulness of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is five years, and the maximum maturity of the Not es described in Section 3, to be issued in anticipation of t he Bonds, is ten years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in the aggre- gate principal amount of $125,000 (the Bonds) for the purpose of acquiring a motor vehicle for use in carrying out functions of the Department of Public Service. Section 2. The Bonds shall be dated approximately April i, 1992 shall bear interest at the now estimated rate of 8~ per year, payable semi- annually until the principal amount is paid, and are estimated to mature in five annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $125,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at a rate or rates not to exceed 8~ per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount is paid or payment is provided for. If requested by the original purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturity of the debt charges on the Notes, the principal amount of the Notes shall bear interest at a different rate or rates not to exceed 11% per year from the maturity date until the City pays or makes provision to pay that principal amount. The rate or rates of interest on the Notes shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance. Section 4. The debt charges on the Notes shall be payable in lawful money of the United States of America, or in Federal Reserve funds of the United States of America if so requested by the original purchaser, and shall be payable, without deduction for services of the City's paying agent, at the main office of National City Bank, C]_eveland, Ohio, or at the principal office