91-020 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. 91- 2Q BY: Ronald Tallon AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $500,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF ACQUIRING MOTOR VEHICLES AND EQUIPMENT FOR USE IN CARRYING OUT FUNCTIONS OF THE DEPARTMENT OF PUBLIC SERVICE, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 90-37, passed April 17, 1990, notes in anticipation of bonds in the amount of $500,000, dated June 5, 1990 (t:he 1990 Notes), were issued for the purpose stated in Section 1, to mature on March 5, 1991; and W1lEREAS, this Council finds and determines that the City should retire the 1990 Notes 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 is five years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is June 5, 2000; 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 $500,000 (the Bonds) to pay costs of acquiring motor vehicles and equipment for use in carrying out functions of 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 principal amount is paid, and are estimated to mature in five annual principal insta.ilments that are substantially equal. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $500,000 (the Notes) sha.li. be issued in anticipation of the issuance of the Bonds and to retire the 1990 Notes. 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 and until. the pr.i.ncipal 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