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ORDINANCE NO. 94-~ BY: COUNCILMAN DAVID LIND AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $250,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING A FIRE TRUCK, TOGETHER WITH THE NECESSARY EQUIPMENT AND APPURTENANCES THERETO, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 93-49, passed April 20, 1993, notes in anticipation of bonds in the amount of $250,000 were issued for the purpose stated in Section 1 (the 1993 Notes), as part of the City's $510,000 Various Purpose Notes, Series 1993A, dated May 25, 1993, and maturing January 20, 1994; WHEREAS, this Council finds and determines that the City should retire the 1993 Notes with the proceeds of the Notes described in Section 3; and WHEREAS, the Director of Finance as fiscal officer of this City has certified to this Council that the estimated life or period of usefulness of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is May 25, 2008; 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 $250,000 (the Bonds) for the purpose of acquiring a fire truck, together with the necessary equipment and appurtenances thereto. Section 2. The Bonds shall be dated approximately October 1, 1994, shall bear interest at the now estimated rate of 6 % per year, payable semi-annually until the principal amount is paid, and are estimated to mature in ten annual principal installments that are substantially equal. The first principal installment is estimated to be December 1, 1995 . Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $250,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire the 1993 Notes. The Notes shall bear interest at a rate or rates not to exceed 5% 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.