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CITY OF NORTH OLMSTED ORDINANCE NO. 94-104 BY: Mr. Lind AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $2,960,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF CONSTRUCTING, FURNISHING AND EQUIPPING A FIRE STATION AND PREPARING, IMPROVING AND EQUIPPING ITS SITE. WHEREAS, this Council has requested that the Director of Finance, as fiscal officer, certify the estimated life or period of usefulness of the improvement described in Section 1 and the estimated maximum maturity of the Bonds described in Section 1 and the Notes described in Section 3, to be issued in anticipation of the bonds; and WHEREAS, the Director of Finance has certified that the estimated life or period of usefulness of that improvement is at least five years and that the estimated maximum maturity of the bonds is twenty-five years based upon the weighted average of the amounts allocated to the several classes of improvements set forth in the Fiscal Officer's Certificate, which allocation is approved, ratified and confirmed, and the maximum maturity of the notes is twenty years; 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 aggregate principal amount of $2,960,000 (the Bonds) for the purpose of constructing, furnishing and equipping a fire station and preparing, improving and equipping its site. Section 2. The Bonds shall be dated approximately July 1, 1995, shall bear interest at the now estimated rate of 6-1/2% per year, payable semiannually until the principal amount is paid, and are estimated to mature in twenty annual principal installments that are substantially equal. The first principal installment is estimated to be payable on December 1, 1996. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $2,960,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at a rate not to exceed 5-1/2% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal 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 8 % per year from the maturity date until the City pays or makes provision to pay that principal amount. The rate or rates of interest on the Notes shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance. Section 4. The debt charges on the Notes shall be payable in lawful money of the United States of America, or in Federal Reserve funds of the United States of America if so