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: _. , ... ,..??.W .a_.?.?_ _ _ -- _ ? _ . . _ . .??...,...,.? .?.R . _,. ... . .w,.? .._._?,. ?....?, CITY OF NORTH OLMSTED ORDINANCE N0. 79-115 ? By p? AN ORDINANCE AUTHORIZING THE ISSUANCE OF RENEWAL NOTES IN ANTICIPATION OF THE TSSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO PURCHASE TWO AMBULANCES AND A FIRE PiJMPER FOR THE DIVISION OF FIRE OF THE DEPARTMENT OF PUBLIC SAFETY, AND DECLARING AN IIMERGENCY. WFiEREAS, there is now outstanding an issue of $150,000 Fire De- partment Equipment Notes, dated October 12, 1978, maturing October 12,1979, issued pursuant to Ordinance No. 78-109, passed October 3, 1978, which notes constitute the renewal of part of the $175,000 Fire Department Equipment Notes dated October 4, 1977, which notes constituted the renewal of the original $175,000 Fire Department Equipment Notes dated October 12, 1976, which were issued for the purpose hereinafter set forth; and WHEREAS, there is available the sum of $25,000 which Council has determined to apply against the principal amount of the outstanding notes, and Council has further determined to issue the notes herein authorized to provide the remaining funds necessary to retire the outstanding notes at their maturity; and WHEREAS, the fiscal officer has certified to the maximum maturity of the bonds anticipated and to the notes herein authorized; NOW, THEREFORE, BE IT ORDAINID 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 $125,000 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. Section 2. That said bonds shall be dated approximately June 1, 1980, shall bear interest at the estimated rate of six and one-half per centum (6-1/2%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in ten substantially equal annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesa3d bonds for the above-described improvement and to provide funds for the retirement of 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 $125,000. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding eight per centum (8%) per annum, payable at maturity, with provision, if requested by the purchaser, that in the event of