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ORDINANCE N0. 92- 121
<br />BY- COUNCILMAN T,FnNARn
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF
<br />$103,000 FOR THE PURPOSE OF ACQUIRING A MOTOR VEHICLE
<br />AND RELATED EQUIPMENT FOR THE DEPARTMENT OF PUBLIC
<br />SERVICE, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 89-61, passed July 7, 1989, notes
<br />in anticipation of bonds in the amount of $100,000, dated August 10, 1989 were
<br />issued for the purpose stated in Section 1; which notes were retired at
<br />maturity with the proceeds of a$100,000 note dated June 5, 1990 issued in
<br />anticipation of bonds pursuant to Ordinance No. 90-59, passed May 15, 1990;
<br />which note was reti.red at maturity with the proceeds of a$100,000 note issued
<br />in anticipation of bonds for the purpose stated in Section 1, pursuant to
<br />Ordinance No. 91-25, passed February 6, 1991, as part of the City's $3,040,000
<br />Various Purpose Notes, dated March 5, 1991; which note was retired at maturity
<br />with the proceeds of a$100,000 iiote issued in anticipation of bonds for the
<br />purpose stated in Section 1, pursuant to Ordinance No. 91-168, passed November
<br />6, 1991, as part of the City's $2,940,000 Various Purpose Notes, Series 1991,
<br />dated December 4, 1991 ancl to mature on September 4, 1992; and
<br />WHEREAS, pursuant to an ordinance adopted August 18, 1992, a note in
<br />anticipation of bonds in the amount of $100,000 (the 1992 Note) is to be
<br />issued for the purpose stated in Section 1 as part of the City's $3,990,000
<br />Various Purpose Notes, Third Series, to be dated August 27, 1992 and to mature
<br />on December 18, 1992; and
<br />WHEREAS, this Council finds and deter.mines that the City should
<br />retire the 1992 Note with the proceeds of tkie Bonds described in Section 1 and
<br />provide up to an additional $3,000 to pay costs of issuance of the Bonds
<br />described in Section 1; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has
<br />c:ertified to this Council that the estimated life or period of usefulness of
<br />the improvement described in Section 1 is at least five years and the maximum
<br />maturity of the Bonds described in Section 1 is five years;
<br />NOW, THEREFORE, BE IT ORllAINED by the Council of the City of North
<br />Ulmsted, Cuyahoga County, Oliio, that:
<br />Section 1. It is necessary to issue bonds of this Ci.ty in tYie
<br />maximum aggregate principal amount of $103,000 (the Bonds) for the purpose of
<br />acquiring a motor vehicle and related equipment for the Department of Publi.c
<br />Service.
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