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<br />
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 92- 160
<br />BY: COUNCILMAN LIND
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$125,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS, FOR THE PURPOSE OF ACQUIRING A MOTOR VEHICLE
<br />FOR USE IN CARRYING OUT FUNCTIONS OF THE DEPARTMENT OF
<br />PUBLIC SERVICE, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 91-86, passed June 18, 1991, not.es
<br />in anticipation of bonds in the amount of $125,000 were issued for the purpose
<br />stated in Section 1, as part of the City's $4,200,000 Various Purpose Notes,
<br />Second Series, dated July 31, 1991, and maturing April 24, 1992; which
<br />$125,000 notes were ret.ired at maturity with the proceeds of $125,000 notes in
<br />anticipation of bonds issued for the purpose stated in Section 1 pursuant to
<br />Ordi.nance No. 92-33, passed April 7, 1992, as amended by Ordinance No. 92-41
<br />passeci April 21, 1992, as part of the City's $4,200,000 Various Purpose Notes,
<br />F'irst Series, dated April 23, 1992 and maturing December 18, 1992 (the 1992
<br />Notes);
<br />WHEREAS, this Council finds and determines that the City should
<br />retire the outstanding 1992 Notes with the proceeds of the Notes described in
<br />Section 3; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has
<br />certified to this Council that the estimated life or period of usefulness of
<br />the improvements described in Section 1 is at least five years, the estimated
<br />maximum maturity of the Bonds described in Section 1 is five years, and the
<br />maximum maturity of the Notes described in Section 3, to be issued in antici-
<br />pation of the Bonds, is July 31, 2001;
<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 aggre-
<br />gate principal amount of $125,000 (the Bonds) for the purpose of acguiring a
<br />motor vehicle for use in carrying out the functions of the Department of
<br />Public Service.
<br />Section 2. The Bonds shall be dated approximately December l, 1994,
<br />shall bear interest at the now estimated rate of 8% per year, payable semi-
<br />annually until the principal amount is paid, and are estimated to mature in
<br />five annual principal installments that are substantially equal. The first
<br />p.rincipal installment is estimated to be December 1, 1995.
<br />Section 3. It is necessary to issue and this Council determines that
<br />notes in t.he aggregate principal amount of $125,000 (the Notes) stiall be
<br />issued in anticipation of the issuance of the Bonds and to ret.ire the out-
<br />standing 1992 Notes. The Notes shall bear interest at a rate not to exceed 7%
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