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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 80-57
<br />By~
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF RENEWAL
<br />NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS
<br />FOR THE PURPOSE OF PROVIDING FUNDS TO PURCHASE
<br />TWO AMBULANCES AND A FIRE PUMPER FOR THE DIVISION
<br />OF FIRE OF THE DEPARTMENT OF PUBLIC SAFETY, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 76-105 passed September 7, 1976,
<br />notes in anticipation of bonds in the amount of $175,000, dated October 12,
<br />1976, were issued for the purpose hereinafter stated, which notes were retired
<br />at maturity with the proceeds of $175,000 notes dated October 12, 1977, issued
<br />in anticipation of bonds pursuant to Ordinance No. 77-146 passed October 4,
<br />1977, which notes were retired at maturity with funds available to the.City and
<br />the proceeds of $150,000 notes dated October 12, 1978, issued in anticipation
<br />of the issuance of bonds pursuant to Ordinance No. 78-109 passed October 3,
<br />1978, which notes were also retired at maturity with funds available to the
<br />City and the proceeds of $125,000 notes dated October 12, 1979, issued in
<br />anticipation of the issuance of bonds, which notes will mature June 6, 1980; and
<br />WHEREAS, there is available the sum of $25,000 which Council has
<br />determined to apply against the principal amount of the outstanding notes,
<br />and Council has further determined to issue the $100,000 renewal notes herein
<br />authorized to provide the remaining funds necessary to retire the outstanding
<br />notes at their maturity; and
<br />WHEREAS, the fiscal officer has certified to the maximum maturity
<br />of the bonds anticipated and of the notes herein authorized;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio:
<br />Section 1. That it is hereby declared necessary to issue bonds of
<br />the City of North Olmsted in the principal sum of $100,000 for the purpose
<br />of providing funds to purchase two ambulances and afire pumper for the
<br />Division of .Fire of the Department of Public Safety.
<br />Section 2. That said bonds shall be dated approximately June 1,
<br />1981, shall bear interest at the estimated rate of ten per centum (10%) per
<br />annum, payable semi-annually, until the principal sum is paid; and shall
<br />mature in ten substantially equal annual installments after their issuance.
<br />Section 3. That for the purpose of raising money in anticipation
<br />of the issuance of the aforesaid bonds for the above-described improvement
<br />and to provide funds for the retirement of the aforesaid outstanding notes
<br />maturing June 6, 1980, it is hereby declared necessary to issue and there
<br />shall be issued notes of said City in .the principal amount of $100,000.
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