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<br />
<br />Fire Station
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0.2006-19
<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 $4,000,000 FOR
<br />THE PURPOSE OF CONSTRUCTING, FURNISHING, EQUIPPING AND
<br />OTHERWISE IMPROVING A FIRE STATION, PROVIDING FIRE
<br />APPARATUS AND EQUIPMENT TO BE HOUSED THEREIN AND
<br />ACQUIRING, PREPARING AND OTHERWISE IMPROVING REAL ESTATE
<br />AND INTERESTS THEREIN FOR ITS SITE, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, at an election held on November 2, 2004, on the question of issuing bonds
<br />of the City in the aggregate principal amount of $4,000,000 for the purpose stated in Section 1 and of
<br />levying taxes outside the 11.1-mill limitation provided by the City Charter to pay the debt charges on
<br />those bonds and any anticipatory securities, the requisite majority of those voting on the question
<br />voted in favor of it; and
<br />WHEREAS, pursuant to Ordinance No. 2004-176 passed by this Council on November
<br />16, 2000, notes in anticipation of bonds in the principal amount of $3,500,000, dated December 30,
<br />2004, were issued as the first installment of the indebtedness authorized at that election, which notes
<br />were retired at maturity with funds available to the City and the proceeds of $3,500,000 notes dated
<br />May 3, 2005 (the Outstanding Series A Notes), issued in anticipation of bonds pursuant to Ordinance
<br />No. 2005-30 passed Apri15, 2005, which Outstanding Series A Notes are to mature on May 3, 2006;
<br />and
<br />WHEREAS, pursuant to Ordinance No. 2005-45 passed by this Council on May 4, 2005,
<br />notes in anticipation of bonds in the principal amount of $500,000, dated June 21, 2005 (the
<br />Outstanding Series B Notes), were issued as a second and final installment of the indebtedness
<br />authorized at that election, which Outstanding Series B Notes mature on May 3, 2006; and
<br />WHEREAS, this Council finds and determines that the City should issue the Bonds
<br />described in Section 2 to provide funds to retire the Outstanding Series A Notes and the Outstar._':ng
<br />Series B Notes at their maturity on May 3, 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 each class of the improvements
<br />described 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 each class of the improvements described in Section 2 is at least five years
<br />and that the maximum maturity of the Bonds described in Section 2 is twenty years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
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