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ORDINANCE NO. 94-~Z
<br />BY: Councilman Lind _
<br />AN ORDINANCE AMENDING ORDINANCES NO. 93-159,
<br />NO. 94-36, NO. 94-37, NO. 94-38, NO. 94-39, NO. 94-40,
<br />NO. 94-41 AND NO. 94-42, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, on February 16, 1994, this Council passed Ordinance No. 93-159
<br />(the February 16, 1994 Ordinance) providing for the issuance and sale of general obligation
<br />bond anticipation notes for the purpose of acquiring Springvale Country Club; and
<br />WHEREAS, on March 1, 1994, this Council passed Ordinances No. 94-36,
<br />No. 94-37, No. 94-38, No. 94-39, No. 94-40, No. 94-41 and No. 94-42 (collectively, the
<br />March 1, 1994 Ordinances) providing for the issuance and sale of general obligation bond
<br />anticipation notes for the purpose of acquiring and constructing certain other permanent
<br />improvements; and
<br />WHEREAS, consistent with the provisions of the February 16, 1994
<br />Ordinance and the March 16, 1994 Ordinances (collectively, the Ordinances), the Director of
<br />Finance has determined that it is in the best interest of the City for all of the notes authorized
<br />by the Ordinances to be combined into a single, consolidated issue for purposes of marketing
<br />and sale pursuant to Section 133.30(B) of the Revised Code; and
<br />WHEREAS, the Director of Finance has recommended to this Council that
<br />each of the Ordinances be amended to provide that the maturity date for the notes authorized
<br />thereby shall be one year from the date of issuance or, if it is deemed to be necessary or
<br />advisable to the sale of the notes, a date that is up to seven days less than one year from that
<br />date of issuance as provided by the Director of Finance in his certificate awarding the sale of
<br />the notes; and
<br />WHEREAS, this Council has determined accordingly that it is necessary to
<br />amend each of the Ordinances so as to permit the combination of all of the notes authorized
<br />thereby into a single, consolidated issue and to provide for the establishment of a maturity
<br />date for all of the notes which is one year from the date of issuance or, if it is deemed to be
<br />necessary or advisable to the sale of the notes, a date that is up to seven days less than one
<br />year from that date of issuance;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />SECTION 1. Section 4 of Ordinance No. 93-159, as passed on February 16,
<br />1994, is hereby amended to read as follows:
<br />Section 4. The debt charges on the Notes shall be payable in lawful
<br />money of the United States of America, or in Federal Reserve funds of the
<br />United States of America if so requested by the original purchaser, and shall
<br />be payable, without deduction for services of the City's paying agent, at the
<br />main office of National City Bank, Cleveland, Ohio, or at the principal office
<br />of a bank or trust company requested by the original purchaser of the Notes,
<br />
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