91-025 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. 91-25 BY: Ronald Ta 1on AN ORDINANCE, PROVIDING FOR THE ISSUANCE AND SALE OF A $100,000 NOTE, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING A MOTOR VEHICLE AND RELATED EQUIPMENT FOR THE DEPARTMENT OF PUBLIC SERVICE, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 89-61, passed July 7, 1989, notes in anticipation of bonds in the amount. of $100,000, dated August 10, 1989 were issued for the purpose stated in Section 1, which notes were ret.i.red at maturity with the proceeds of a $100,000 note dated June 5, 1990 (the 1990 Note) issued in anticipation of bonds pursuant to Ordinance No. 90-59, passed May 15, 1990, which 1990 Note is to mature on March 5, 1991; and WHEREAS, this Council finds and determines t.h.at the City should retire the 1990 Note with the proceeds of the Notes described in Section 3; and WHEREAS, the Director of Finance as fiscal officer of this City has certified to this Council that the estimated life or period of usefulness of each class of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 i.s at least five years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is August 10, 1999; 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 aggregate principal amount of $100,000 (t.he Bonds) for the purpose of acquiring a motor vehicle and related equipment for the Department of Public Service. Section 2. The Bonds shall be dated approximately December 1, 1991, shall bear interest at the now estimated rate of 8% per year, payable semi- annually until the principa). 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 a note in the principal amount of $100,000 (the Note) shall be issued in anticipation of the issuance of the Bonds and to retire the 1990 Note. The Nvte shall bear interest at a rate or rates not to exceed 8% per year. (computed on a 360-day per year basis), payable at mattzrit.y and until the principal amount is paid or payment is provided fvr. If r.eyuested by the original purchaser, the Note may provide that, in the event the City does not pay or make provision for payment at maturity of the debt charges on the Note,