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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 94-134
<br />BY: CounciLnan Lind
<br />.,~.,~
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $345,000 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING
<br />AND INSTALLING COMPUTER EQUIPMENT, INCLUDING
<br />NETWORKING HARDWARE AND SOFTWARE, PERSONAL
<br />COMPUTER WORK STATIONS, PRINTERS, SOFTWARE
<br />AND CABLES, TOGETHER WITH THE NECESSARY
<br />APPURTENANCES THERETO, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-122, passed on October 19, 1993, notes
<br />in the amount of $345,000 (the 1993 Notes) were issued in anticipation of bonds for the purpose
<br />described in Section 1, as a part of a consolidated issue of $545,000 Various Purpose Notes,
<br />Series 1993C, dated November 23, 1993, which 1993 Notes are to mature on November 23,
<br />1994; and
<br />WHEREAS, this Council fmds and determines that the City should retire the 1993
<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 each class of the equipment described
<br />in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is nine years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is November 23, 2007;
<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 $345,000 (the Bonds) for the purpose of acquiring and installing computer equipment,
<br />including networking hardware and software, personal computer work stations, printers, software
<br />and cables, together with the necessary 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 nine annual principal installments that are substantially
<br />equal. 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 $345,000 (the Notes) shall be issued in anticipation of the issuance
<br />of the Bonds and to retire the 1993 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
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