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I 4 CITY OF NORTH OLMSTED ORDINANCE NO.: 80 - 103 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 MOTORIZED VEHICLES AND EQUIPMENT FOR THE DEPARTMENT OF PUBLIC SAFETY, AND DECLARING AN EMERGENCY. WHEREAS, the Director of Finance as fiscal officer has certified to this Council that the estimated life of the motorized vehicles and equipment hereinafter mentioned is at least five years, and that the maximum maturity of the bonds hereinafter referred to is 5 years, and the maximum maturity of the notes hereinafter referred to, to be issued in anticipation of said bonds is eight years if sold publicly, or one year if sold privately. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, State of Ohio: SECTION 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $190,000 for the purpose of providing funds to purchase motorized vehicles and equipment for the Department of Public Safety. SECTION 2. That such bonds shall be dated approximately September 1, 1981, shall bear interest at the estimated rate of eight per centum (8 %) per annum, payable semi-annually, until the principal sum is paid, and shall mature in 5 substantially equal annual installments after their issuance. SECTION 3. That it is necessary to issue and this Council hereby, determines that notes in the aggregate principal amount of $190,000 shall be issued in anticipation of such bonds. Such anticipatory notes shall bear interest at a rate or rates not to exceed ten and one-half per centum (10-1/2%) per annum, such interest to be payable semi-annually or at maturity, as requested by the purchaser, or at any date of earlier redemption, with provision that if requested by the purchaser, that in the event of default in the payment of the principal of such notes at maturity, such notes shall bear interest after maturity at a different rate or rates, but not exceeding ten and one-half per centum (10-1/2%) per annum, from the said maturity until the principal sum is paid. Such notes shall be dated the date of issuance, and shall mature one year from the date of issuance, but, if agreed to by the purchaser thereof, shall be issued subject to redemption prior to maturity at par and accrued interest, and shall be issued in such numbers and denominations as may be requested by the purchaser thereof . SECTION 4. That such notes shall be executed by the Mayor and Director of Finance, one of whose signatures may be a facsimile, and bear the seal of the corporation or a facsimile of such seal; shall bear such numbers as designated by the Director of Finance; shall be payable at the main office of National City Bank, Cleveland, Ohio, and in Federal Reserve funds of the United States of America if so requested by the purchaser thereof; and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance.