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....~..~w ~. ~~_.. .v_._ x.
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO.: g0-74
<br />BY: MRS. SARINGER
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF
<br />PROVIDING FUNDS TO PURCHASE MOTORIZED VEHICLES AND EQUIPMENT
<br />FOR THE DEPARTMENT OF PUBLIC SERVICE, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 79-76 passed July 3, 1979, notes
<br />in anticipation of bonds in the aggregate amount of $160,000, dated July
<br />24, 1979, were issued for the purpose hereinafter stated, which notes are
<br />to mature on July 24, 1980; and
<br />WHEREAS, this Council hereby finds and determines it to*be in the
<br />best interest of the City to retire at maturity the outstanding notes with
<br />the proceeds of the notes herein authorized; and
<br />WHEREAS, the Director of Finance as fiscal officer has certified
<br />to this Council that the estimated life of the improvement hereinafter
<br />mentioned is at least five years, and that the maximum maturity of the bonds
<br />hereinafter referred to is 5 years, and the maximum maturity of the notes
<br />hereinafter referred to, to be issued in anticipation of said bonds is eight
<br />years from the date of the original issue, to wit: July 24, 1987 if sold
<br />publicly, or one year if sold privately.
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, State of Ohio:
<br />SECTION 1. That it is hereby declared necessary to issue bonds
<br />of the City of North Olmsted in the principal sum of $160,000 for the purpose
<br />of providing funds to purchase motorized vehicles and equipment for the
<br />Department of Public Service.
<br />SECTION 2. That such bonds shall be dated approximately June 1,
<br />1981, shall bear interest at the estimated rate of seven per centum (7~)
<br />per annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in 5 substantially equal annual installments after their issuance.
<br />SECTION 3. That it is necessary to issue and this Council hereby
<br />determines that notes in the aggregate principal amount of $160,000 shall
<br />be issued in anticipation of such bonds and to retire the outstanding notes
<br />dated July 24, 1979. Such anticipatory notes shall bear interest at a rate
<br />or rates not to exceed ten and one-half per centum (10-1/2~) per annum,
<br />such interest to be payable semi-annually or at maturity, as requested by
<br />the purchaser, or at any date of earlier redemption, with provision that
<br />if requested by the purchaser, that in the event of default in the payment
<br />of the principal of such notes at maturity, such notes shall bear interest
<br />after maturity at a different rate or rates, but not exceeding ten and one-
<br />half per centum (10-1/2;6) per annum, from the said maturity until the
<br />principal sum is paid. Such notes shall be dated July 24, 1980, and shall
<br />mature on June 5, 1981, but, if agreed to by the purchaser thereof, shall
<br />be issued subject to redemption prior to maturity at par and accrued
<br />interest, and shall be issued in such numbers and denominations as may be
<br />requested by the purchaser thereof.
<br />SECTION 4. That such notes shall be executed by the Mayor and
<br />Director of Finance, one of whose signatures may be a facsimile, and bear
<br />the seal of the corporation or a facsimile of such seal; shall bear such
<br />numbers as designated by the Director of Finance; shall be payable at the
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