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CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 91- 23
<br />By: Ronald Tallon
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$200,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS,
<br />TO PAY COSTS OF ACQUIRING AN EMERGENCY RESCUE VF,HICLE AND
<br />EQUIPMENT, INCLUDING TURN OUT GEAR, AIR PACKS AND TANKS,
<br />RADIO EQUIPMENT, HOSES AND NOZZLES, FOR USE IN CARRYING
<br />OUT FUNCTIONS OF THE DIVISION OF FIRE OF THE DEPARTMENT
<br />OF PUBLIC SAFETY, AND DECLARING AN EMERGENCY.
<br />W1iEREAS, pursuant to Ordinance No. 89-29, passed April 19, 1989,
<br />notes in anticipation of bonds in the amount of. $205,000, dated June 6, 1989,
<br />were issued for the purpose stated in Section 1, which notes were retired at
<br />maturity with funds available to the City and the proceeds of $200,000 notes
<br />dated June 5, 1990 (the 1990 Notes) issued in anticipation of bonds pursuant
<br />to Ordinance No. 90-62, passed May 15, 1990, which 1990 Notes are to mature on
<br />March 5, 1991; and
<br />WHEREAS, this Council finds and determines that the City should
<br />retire the 1990 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 life or period of usefulness of
<br />each class of t:he improvements described in Section 1 is at least five years,
<br />the estimated maximum maturity of the Bonds described in Section i is at least
<br />five years, and t. lie maximum maturity of. the Notes described in Section 3, to
<br />be issued in anticipation of the Bonds, is June 6, 1999;
<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) to pay costs of acquiring
<br />an emergency rescue vehicle and equipment, including turn out gear, air packs
<br />anal tanks, radio equipment, hoses and nozzles, for use in carrying out
<br />functions of the Division of Fire of the Department of Public Safety.
<br />Section 2. Tlie Bonds shall be dated approximately December 1, 1991,
<br />shall bear interest at the now estimated rate of 8"/, per year, payable semi-
<br />annually until the principal amount is paid, and are estimated to mature l.n
<br />five annual principal installments that are substantially equal.
<br />Section 3. It is necessary to issue and this Council determines that
<br />notes .in the aggregate principal amount o.f $200,000 (the dotes) slia7.1 be
<br />issued in anticipation of the issuance of the Bonds and to retire the 1990
<br />
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