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ORDINANCE N0. 92- 114
<br />gy; COUNCIL WOMAN- SARINGER
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />BONDS IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF
<br />$205,000 TO PAY COSTS OF ACQUIRING AN EMERGENCY RESCUE
<br />VEHICLE AND EQUIPMENT, INCLUDING TURN OUT GEAR, AIR
<br />PACKS AND TANKS, RADIO EQUIPMENT, HOSES AND NOZZLES,
<br />FOR USE IN CARRYING OUT FUNCTIONS OF THE DIVISION OF
<br />FIRE OF THE DEPARTMENT OF PUBLIC SAFETY, AND DECLARING
<br />AN EMERGENCY.
<br />WHEREAS, pur.suant t.o Ordinance No. 89-29, passed April 19, 1989,
<br />notes in anticipation of bonds in the amount of $205,000, dated June 6, 1989,
<br />were issued for the purpose stated in Section 1; which notes were retired at
<br />maturity with funds available to the City and the proceeds of $200,000 notes
<br />dated June 5, 1990, issued in anticipation of bonds pursuant to Ordinance No.
<br />90-62, passed May 15, 1990; which notes were retired at maturity with the
<br />proceeds of $200,000 notes issued in anticipation of bonds for the purpose
<br />stated in Section 1, pursuant to Ordinance No. 91-23, passed February 6, 1991,
<br />as part of the City's $3,040,000 Various Purpose Notes, dated Marcki 5, 1991;
<br />which notes were retired at maturity with the proceeds of $200,000 notes
<br />issued in anticipation of bonds for the purpose stated in Section 1, pursuant
<br />to Ordinance No. 91-166, passed November 6, 1991, as part of the City's
<br />$2,940,000 Various Purpose Notes, Series 1991, dated December 4, 1991 and to
<br />mature on September 4, 1992; and
<br />WHEREAS, pursuant to an ordinance adopted August 18, 1992, notes in
<br />anticipation of bonds in the amount of $200,000 (the 1992 Notes) are 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 determines that t.he City should
<br />retire the 1992 Notes with the proceeds of the Bonds described in Section 1
<br />and provide up to an additional $5,000 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 />cer.tified 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 ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that.:
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