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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 97- 101
<br />BY: ~, LIND
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $100,01 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING
<br />AND EQUIPPING AN EMERGENCY RESCUE VEHICLE FOR
<br />USE IN CARRYING OUT FUNCTIONS OF THE DIVISION OF
<br />FIRE OF THE DEPARTMENT OF PUBLIC SAFETY; AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 96-69, passed on May 9, 1996, notes in
<br />anticipation of bonds in the amount of $150,000 were issued for the equipment described in
<br />Section 1, as a part of a consolidated issue of $42,435,000 Various Purpose Improvement Notes,
<br />Series 1996, dated June 19, 1996, which notes were retired at maturity with funds available to
<br />the City and the proceeds of $150,000 notes dated December 19, 1996 (the Outstanding Notes)
<br />issued in anticipation of bonds pursuant to Ordinance No. 96-140, passed September 17, 1996,
<br />which Outstanding Notes are to mature on December 18, 1997; and
<br />WHEREAS, this Council finds and determines that the Ciry should retire the
<br />Outstanding Notes with the proceeds of the Notes described in Section 3 and other funds
<br />available to the City; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to
<br />this Council that the estimated life or period of usefulness of the equipment described in
<br />Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is ten years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is June 19, 2011;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal
<br />amount of $100,000 (the Bonds) for the purpose of acquiring and equipping an emergency rescue
<br />vehicle for use in carrying out functions of the Division of Fire of the Department of Public
<br />Safety.
<br />Section 2. The Bonds shall be dated approximately December 1, 1998, shall bear
<br />interest at the now estimated rate of 6 % per year, payable semiannually until the principal
<br />amount is paid, and are estimated to mature in ten annual principal installments that are
<br />substantially equal. The first principal installment is estimated to be payable on December 1,
<br />1999.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $100,000 (the Notes) shall be issued in anticipation of the issuance
<br />of the Bonds and to retire, together with other funds available to the City, the Outstanding
<br />Notes. The Notes shall bear interest at a rate not to exceed 5'/a % per year (computed on a 30-
<br />day month/360-day year basis), payable at maturity and until the principal amount is paid or
<br />payment is provided for. The rate of interest on the Notes shall be determined by the Director
<br />of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance.
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