92-041 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. 92-41 BY : ('nilNC'TLMAN T,TND AN ORDINANCE AMENDING SECTION 4 OF ORDINANCE N0. 92-33 PROVIDING FOR THE ISSUANCE AND SALE OF $125,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING A MOTOR VEHICLE FOR USE IN CARRYING OUT FUNC7.'IONS OF THE i)EPARTMENT OF PUBLIC SERVICE, AND DECLARING AN EMERGENCY. BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. Section 4 of Ordinance No. 92-33 passed on April 7, 1992 shall be amended to provide that the Notes shall mature on December 18, 1992 instead of December 20, 1992, and shall read as follows: "Section 4. The debt charges on the Notes shall be payable in lawful money of the United States of America, or in Federal Reserve funds of the United States of America if so requested by the original purchaser, and shall be payable, without deduction for services of the City's paying agent, at the main office of National City Bank, Cleveland, Ohio, or at the principal office of a bank or trust company requested by the original purchaser of the Notes, provided that such request shall be anproved by the Director of Finance after determining that the payment at that bank or trust company will not endanger the funds or securities of the City and that proper procedures and safeguards are available for that purpose (the Paying Agent). The Notes shall be dated the date of issuance and shall mature December 18, 1992. If agreed to by the original purchaser, the Notes shall be prepayabie without penalty or premium at the option of the City at any time prior to maturity as provided in this ordinance. Prepayment prior to maturity shall be made by deposit with the Payin.g Agent of the principal amount of the Notes together with ir.terest accrued thereon to the date of prepayment. The City's right of prepayment shall be exercised by mailing a notice of prepayment, stating the date of prepayment and the name and address of t.he Paying Agent, by certified or registered mail to the original purchaser of the Notes not less than seven days prior to the date of that deposit, unless that notice is waived by the original purchaser of the Notes. If money for prepayment is on deposit with the Paying Agent on the specified prepayment date following the giving of that notice (unless the requirement of that notice is waived as stated above), interest on the principal amount prepaid shall cease to