90-037 Ordinance - Laserfiche WebLink

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? ? CITY OF NORTH OLMSTED ORDINANCE N0. 90- 37 BY: Councilman Tallon ? AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $500,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF ACQUIRING MOTOR VEHICLES AND EQUIPMENT FOR USE IN CARRYING OUT FUNCTIONS OF THE DEPARTMENT OF PUBLIC SERVICE. WHEREAS, the D3.rector of Finance as fiscal officer of th3.s City has cer.tified to this Council that ttie estimated life or period of usefulness of the vehicles and eqttipment described in Section 1 is at least f.ive years, the estimated maximum matttrity of the Bonds described in Section 1 is five years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is ten years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in the aggre- gate principal amount of $500,000 (the Bonds) to pay costs of acquiring motor vehicles and equipment for use in carrying out functions of ttie llepartment of Public Service. Sect.ion 2. Ttie Bonds shall be dated approximately January 1, 1991, shall bear interest at ttie now estimated rate of 8% per year, payable semi- annually until the principal amount is paid, and are estimated to mature in five annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $500,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at a rate or rates not to exceed 9% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount is paid or payment is provided for. If requested by the original purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturity of the debt charges on the Notes, the principal amouiit of the Notes shall bear interest at a different rate or rates not to exceed 13% per year £rom the maturity date until the City pays or makes provision to pay that principal amount. The rate or rates of interest on the Notes "shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance. Section 4. The debt ctiarges on the Notes sha11 be payable i.n lawful money of the United States of America, or in Federal Reserve funds of the United States of America if so requested by the original purchaser, and shall be payable, without deduction for services of the City's paying agent, at the main office of National City Bank, Cleveland, Ohio, or at ttie principal office