77-146 Ordinance - Laserfiche WebLink

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~, _..> CITY OF NORTH OLMSTED ORDINANCE N0. ~iL,~~ BY Mr. Wilamosky AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO PURCHASE TWO AMBULANCES AND A FIRE PUMPER FOR THE DIVISION OF FIRE OF THE DEPARTMENT OF PUBLIC SAFETY, AND DECLARING AN EMERGENCY. WHEREAS, there is now outstanding an issue of $175,000 Fire Department Equipment notes dated October 12, 1976, maturing October 12, 1977, and issued pursuant to Ordinance No. 76-105, passed September 7, 1976; and WHEREAS, Council has determined to issue the $175,000 renewal notes herein authorized, the proceeds of which will be used to retire the $175,000 notes maturing on October 12 , 1977; and WHEREAS, the fiscal officer of the City has certified as to the maximum maturity of the bonds anticipated and of the notes herein authorized, the maximum maturity of such bonds being seven years based on the allocation of the amounts to be expended for the several classes of improvements as set forth in his certificate, which allocation is hereby approved and confirmed; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $175,000 for the purpose of providing funds to purchase two ambulances and a fire pumper for the Division of Fire of the Department of Public Safety, and to the extent necessary to pay not to exceed one year's interest on such bonds or notes issued in anticipation thereof. Section 2. That said bonds shall be dated approximately July 1, 1978, shall bear interest at the estimated rate of six per centum (6%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in seven substantially equal annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds, .and to provide funds to retire the aforesaid outstanding notes, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of $175,000. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding seven per centum (7%) per annum, payable at maturity, and at such rate after maturity not exceeding eight per centum (8%) per annum, as may be fixed by the Director of Finance in his award of said notes at private sale. Such notes shall be dated October 12, 1977, shall mature October 12, 1978, and shall be in such denominations as may be requested by the purchaser. Section 5. Such notes shall be signed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable in Federal Reserve funds of the United States of America at the main office of National City Bank, Cleveland, Ohio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance.