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<br />CITY 0F NORTH ULMSTED
<br />ORDINANCE rro. 92- 95
<br />BY:
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$200,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY COSTS
<br />OF THE JUDGMENT RENDERED AGAINST THE CITY IN CIVIL
<br />ACTION NUMBER C82-3089 IN THE UNITED STATES DISTRICT
<br />COURT FOR THE NORTHERN DIS'tRICT OF OHTO, EASTERN
<br />DIVISION, AND LOSSES, DAMAGES AND EXPENSES RELATED
<br />TIIERETO, AND DECLARING AN EMERGENCY.
<br />WHF.REAS, on September 9, 1987, the United Stat.es District Court f.or
<br />the Northern District of Oliio, Eastern Division, in Ci.vi1 Action Number C82-
<br />3089 entered an order requiring the City to reinstate to her former job an
<br />employee discharged dux-ing a probationary period and to pay that employee back
<br />pay, which order was affirmed on appeal; and
<br />WHEREAS, in order to pay costs of the judgment rendered against the
<br />City in that action and the related losses, damages and expenses, the City
<br />issued $170,000 of notes dated August 10, 1988 and $130,000 of notes dated
<br />September 1, 1988, pursuant to Ordinance No. 88-87, passed Ju1y 5, 1988; which
<br />notes (co]lectively, the 1988 Notes) were retired at mat.urity with funds of
<br />the City and proceeds of $270,000 notes dated August 10, 1989 (the 1989 Notes)
<br />issued in anticipation of bonds pursuant to Ordinance No. 89-60, passed Jtily
<br />6, 1989; which 1989 Notes were retired at maturity with funds available to the
<br />City and pr•oceeds of $240,000 notes dated June 5, 1990 (the 1990 Notes) issued
<br />in anticipation of bonds pursuant to Ordinan.ce No. 90-63, passed May 15, 1990;
<br />which 1990 Notes were retired at maturity with the proceeds of. $240,000 notes
<br />dated March 5, 1991 (the 1991 Notes) issued in anticipation of bonds for the
<br />purpose stated in Section 1, pursuant to Ordinance No. 91-22, passed February
<br />6, 1991; which 1991 Notes were reti.red at maturity with the proceeds of
<br />$200,000 notes dated December 4, 1991 (the Outstanding Notes) issued in
<br />anticipation of bonds for the pur.pose stated in Section 1, pursuant to
<br />Ordina.nce No. 91-165, passed November 6, 1991, which Outstanding Notes are to
<br />mature on September 4, 1992; and
<br />WHEREAS, this Council fi.nds and determines that the Ci.t.y should
<br />retire the Outstanding Notes with the proceeds of the Notes described in
<br />Section 3; and
<br />WHEREAS, the Director of Finance as fiscal off:i.cer of this City has
<br />certified i.o this Council that the estimated maximum maturity of the Bonds
<br />described in Section 1 is twenty years, and the maximtim maturity of the Notes
<br />described in Section 3, to be issued in anticipation of the Bonds, is August
<br />10, 2008;
<br />Councilman Lind
<br />NOW, THBREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
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