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<br />Series P
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO.2006-35
<br />BY: Mayor O'Grady and Councilmembers Tallon, Barker, Dailey Jones and Orlowski
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS
<br />IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $560,000 TO
<br />PAY COSTS OF ACQUIRING EMERGENCY RESCUE SQUAD AND OTHER
<br />MOTOR VEHICLES AND RELATED EQUIPMENT FOR THE CITY'S FIRE
<br />DEPARTMENT.
<br />WHEREAS, pursuant to Ordinance No. 2003-156 passed on December 2, 2003, notes in
<br />anticipation of bonds in the amount of $550,000, dated January 21, 2004, were issued to provide fund
<br />to pay costs of acquiring the vehicles and equipment described in Section 2, which notes were retired
<br />at maturity with funds available to the City and the proceeds of $550,000 notes, issued in anticipation
<br />of bonds pursuant to Ordinance No. 2004-34 passed on Apri16, 2004, as a part of a consolidated issue
<br />of $3,675,000 Capital Improvement Notes, Series 2004, dated May 4, 2004, which notes were retired
<br />at maturity with funds available to the City and the proceeds of $550,000 notes (the Outstanding
<br />Notes), issued in anticipation of bonds pursuant to Ordinance No. 2005-33 passed on Apri15, 2005,
<br />as a part of a consolidated issue of $3,185,000 Capital Improvement Notes, Series 2005, dated May 3,
<br />2005, which Outstanding Notes are to mature on May 3, 2006; and
<br />WHEREAS, this Council finds and determines that the City should issue the B:~lds
<br />described in Section 2 to provide funds to retire the Outstanding Notes at their maturity on May 3,
<br />2006; and
<br />WHEREAS, this Council has requested that the Director of Finance, as the fiscal officer
<br />of this City, certify the estimated life or period of usefulness of the vehicles and equipment described
<br />in Section 2 and the maximum maturity of the Bonds described in Section 2; and
<br />WHEREAS, the Director of Finance has certified to this Council that the estimated life
<br />or period of usefulness of such vehicles and equipment is at least five years and that the maximum
<br />maturity of the Bonds described in Section 2 is eight years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere
<br />defined in this ordinance, unless the context or use clearly indicates another or different meaning or
<br />intent:
<br />"Authorized Denominations" means (a) with respect to Capital Appreciation Bonds, if
<br />any, a denomination equal to the principal amount that, when interest is accrued and compounded
<br />thereon at the applicable compounding interest rate on each Interest Accretion Date to the stated
<br />maturity of those Bonds, will result in a Maturity Amount equal to $5,000 or any whole multiple
<br />thereof and (b) with respect to Current Interest Bonds, a denomination of $1,000 or any whole
<br />multiple thereof.
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