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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 92- 98
<br />BY: Councilman Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SAT,E OF A
<br />$100,000 NOTE, IN ANTICIPATIUN OF THE ISSUANCE OF
<br />BONDS, FOR THE PURPOSE OF ACQUIRING A MOTOR VEI-iICLE
<br />AND RF..LATED EQUIPMFNT FOR THE DEPARTMENT OF PUBLIC
<br />SERVICE, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 89-61, passed Jizly 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 purstiant to Ordinance No. 90-59, passed May 15, 1990;
<br />which note was retired at maturity with the proceeds of a$100,000 note dated
<br />March 5, 1991, issued in anticipation of bonds for t.he pur.pose st.ated in
<br />Sect.ion 1, pursuant to Ordinance No. 91-25, passed February 6, 1991; which
<br />note was retired at maturity with the proceeds of a$100,000 note dated
<br />December 4, 1991, issued in anticipation of bonds for the purpose stated in
<br />Section 1, pursuant to Ordinance No. 91-168, passed November 6, 1991 (the 1991
<br />Nate), which 1991 Note is to mature on September 4, 1992; and
<br />WHERFAS, thi.s Council fi.nds and determines that the City should
<br />retire the 1991 Note with the proceeds of the Notes described in Sect:ion 3;
<br />and
<br />WHEREAS, the Director of Finance as fiscal off.i.cer of ttlis City has
<br />certified to this Council that the estimated life or period of usefulness of
<br />each class of the improvements descr.ibed in Section 1 is at least five years,
<br />the estimated maximum maturity of the Bonds described in Section 1 is at least
<br />five years, and the maximum maturity of the Notes described in Section 3, to
<br />be issued in antic.ipation of the Bonds, is August 10, 1999;
<br />NOW, THEREFORF., BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga Count;y, Ohio, that:
<br />Section l. It is necessary t.o issue bonds of this City in the
<br />aggr.egate principal amount of $100,000 (the Bonds) for t.he purpose of
<br />acquiring a motor vetiicle and related equipment for the Department of Public
<br />Service.
<br />Secti.on 2. TYie Bonds shall be dated approximately December 1, 1992,
<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 />principal installment is est.imated to be December 1, 1993.
<br />Section 3. It is necessary to issue and this Council determines that
<br />a note in the principal amount of $100,000 (tYie Note) slial.l be issued in
<br />anticipation of the issuance of the Bonds and to retire the 1991 Note. The
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