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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 94- 133
<br />BY: ('n~m~i lman Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $385,000 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING
<br />MOTOR VEHICLES AND EQUIPMENT, TOGETHER WITH
<br />THE NECESSARY APPURTENANCES THERETO, FOR USE
<br />IN CARRYING OUT FUNCTIONS OF THE DEPARTMENT OF
<br />PUBLIC SERVICE, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 91-86, passed on June 18, 1991, notes in
<br />anticipation of bonds in the amount of $125,000 were issued for the purpose of acquiring a
<br />motor vehicle for use in carrying out functions of the Department of Public Service, as a part
<br />of a consolidated issue of $4,200,000 Various Purpose Notes, Second Series, dated July 31,
<br />1991, which notes were retired with the proceeds of $125,000 notes, issued in anticipation of
<br />bonds pursuant to Ordinance No. 92-33, passed on Apri17, 1992, as amended by Ordinance No.
<br />92-41, passed on April 21, 1992, as a part of a consolidated issue of $4,200,000 Various
<br />Purpose Notes, First Series, dated April 23, 1992, which notes were retired at maturity with the
<br />proceeds of $125,000 notes (the 1992 Notes) issued in anticipation of bonds pursuant to
<br />Ordinance No. 92-160, passed on November 4, 1992, as a part of a consolidated issue of
<br />$5,100,000 Various Purpose Notes, Series 1992, dated December 16, 1992, which 1992 Notes
<br />are to mature December 15, 1994; and
<br />WHEREAS, pursuant to Ordinance No. 93-48, passed on April 20, 1993, notes in
<br />anticipation of bonds in the amount of $260,000 were issued for the purpose of acquiring, for
<br />use by the Department of Public Service, two two and one-half-ton trucks, athree-ton tandem
<br />dump truck, aone-half ton pickup truck, aone-ton chipper truck, a sweeper and a small loader
<br />backhoe, together with the necessary appurtenances thereto, as a part of a consolidated issue of
<br />$510,000 Various Purpose Notes, Series 1993A, dated May 25, 1993, which notes were retired
<br />at maturity with the proceeds of $260,000 notes (the 1994 Notes) issued in anticipation of bonds
<br />pursuant to Ordinance No. 94-4, passed on January 4, 1994, as a part of a consolidated issue
<br />of $2,510,000 Various Purpose Notes, Series 1994A, dated January 19, 1994, which 1994 Notes
<br />are to mature October 19, 1994; and
<br />WHEREAS, this Council finds and determines that the City should retire the 1992
<br />Notes and the 1994 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 vehicles and equipment described
<br />in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is five years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is July 31, 2001;
<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 $385,000 (the Bonds) for the purpose of acquiring motor vehicles and equipment,
<br />together with the necessary appurtenances thereto, for use in carrying out functions of the
<br />Department of Public Service.
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