|
<br />
<br />~.
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 94- 137
<br />BY: Councilman Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $250,000 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING
<br />A FIRE TRUCK, TOGETHER WITH THE NECESSARY
<br />EQUIPMENT AND APPURTENANCES THERETO, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-49, passed on April 20, 1993, notes in
<br />anticipation of bonds in the amount of $250,000 were issued for the purpose described in Section
<br />1, as a part of a consolidated issue of $510,000 Various Purpose Notes, Series 1993A, dated
<br />May 25, 1993, which notes were retired at maturity with the proceeds of $250,000 notes (the
<br />1994 Notes) issued in anticipation of bonds pursuant to Ordinance No. 94-4, passed on January
<br />4, 1994, as a part of a consolidated issue of $2,510,000 Various Purpose Notes, Series 1994A,
<br />dated January 19, 1994, which 1994 Notes are to mature on October 19, 1994; and
<br />WHEREAS, this Council finds and determines that the City should retire the 1994
<br />Notes with the proceeds of the Notes described in Section 3; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has certified to this
<br />Council that the estimated life or period of usefulness of the equipment described in Section 1
<br />is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten
<br />years, and the maxunum maturity of the Notes described in Section 3, to be issued in
<br />anticipation of the Bonds, is May 25, 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 aggregate principal
<br />amount of $250,000 (the Bonds) for the purpose of acquiring a fire truck, together with the
<br />necessary equipment and appurtenances thereto.
<br />Section 2. The Bonds shall be dated approximately July 1, 1995, shall bear interest
<br />at the now estimated rate of 6 % per year, payable semiannually until the principal amount is
<br />paid, and are estimated to mature in ten annual principal installments that are substantially equal.
<br />The first principal installment is estimated to be payable on December 1, 1996.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $250,000 (the Notes) shall be issued in anticipation of the issuance
<br />of the Bonds and to retire the 1994 Notes. The Notes shall bear interest at a rate not to exceed
<br />6 % per year (computed on a 360-day per year basis), payable at maturity or at any date of
<br />earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount
<br />is paid or payment is provided for. If requested by the original purchaser, the Notes may
<br />provide that, in the event the City does not pay or make provision for payment at maturity of
<br />the debt charges on the Notes, the principal amount of the Notes shall bear interest at a different
<br />rate or rates not to exceed 10 % per year from the maturity date until the City pays or makes
<br />provision to pay that principal amount. The rate or rates of interest on the Notes shall be
<br />determined by the Director of Finance in the certificate awarding the Notes in accordance with
<br />Section 6 of this ordinance.
<br />
|