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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 94- 39
<br />BY: Councilman Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND SALE OF $570,000 NOTES, IN ANTICIPATION
<br />OF THE ISSUANCE OF BONDS, FOR THE PURPOSE
<br />OF ACQUIRING MOTOR VEHICLES AND
<br />EQUIPMENT FOR USE IN CARRYING OUT
<br />FUNCTIONS OF THE DEPARTMENT OF PUBLIC
<br />SERVICE.
<br />WHEREAS, the Director of Finance as fiscal officer of this City has certified to
<br />this Council that the estimated life or period of usefulness of the motor vehicles and equipment
<br />described in Section 1 is at least five years, the estimated maximum maturity of the Bonds
<br />described in Section 1 is five years, and the maximum maturity of the Notes described in Section
<br />3, to be issued in anticipation of the Bonds, is ten years;
<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 $570,000 (the Bonds) for the purpose of acquiring motor vehicles and equipment,
<br />including aVac-All truck, four dump trucks, an aerial platform truck, an aerial lift truck and
<br />a stake body truck and related equipment, a trailer, a brush chipper, a drum and rotor lathe and
<br />a wheel balancer, for use in carrying out functions of the Department of Public Service.
<br />Section 2. The Bonds shall be dated approximately December 1, 1994, shall bear
<br />interest at the now estimated rate of 5-1/2% per year, payable semi-annually until the principal
<br />amount is paid, and are estimated to mature in five annual principal installments that are
<br />substantially equal. The first principal installment is estimated to be payable on December 1,
<br />1995.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $570,000 (the Notes) shall be issued in anticipation of the issuance
<br />of the Bonds. The Notes shall bear interest at a rate not to exceed 5 % per year (computed on
<br />a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided
<br />for in Section 4 of this ordinance and until the principal amount is paid or payment is provided
<br />for. If requested by the original purchaser, the Notes may provide that, in the event the City
<br />does not pay or make provision for payment at maturity of the debt charges on the Notes, the
<br />principal amount of the Notes shall bear interest at a different rate or rates not to exceed 8 % per
<br />year from the maturity date until the City pays or makes provision to pay that principal amount.
<br />The rate or rates of interest on the Notes shall be determined by the Director of Finance in the
<br />certificate awarding the Notes in accordance with Section 6 of this ordinance.
<br />Section 4. The debt charges on the Notes shall be payable in lawful money of the
<br />United States of America, or in Federal Reserve funds of the United States of America if so
<br />requested by the original purchaser, and shall be payable, without deduction for services of the
<br />City's paying agent, at the main office of National City Bank, Cleveland, Ohio, or at the
<br />principal office of a bank or trust company requested by the original purchaser of the Notes,
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