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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 96-83
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND SALE OF $345,000 NOTES, IN ANTICIPATION
<br />OF THE ISSUANCE OF BONDS, FOR THE PURPOSE
<br />OF ACQUIRING AND INSTALLING COMPUTER
<br />EQUIPMENT, INCLUDING NETWORKING
<br />HARDWARE AND SOFTWARE, PERSONAL
<br />COMPUTER WORK STATIONS, PRINTERS,
<br />SOFTWARE AND CABLES, TOGETHER WITH THE
<br />NECESSARY APPURTENANCES THERETO, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-122, passed on October 19, 1993, notes
<br />in the amount of $345,000 were issued in anticipation of bonds for the purpose described in
<br />Section 1, as a part of a consolidated issue of $545,000 Various Purpose Notes, Series 1993C,
<br />dated November 23, 1993, which notes were retired at maturity with the proceeds of $345,000
<br />notes issued in anticipation of bonds pursuant to Ordinance No. 94-134, passed on
<br />September 20, 1994, as a part of a consolidated issue of $11,755,000 Various Purpose
<br />Improvement Notes, Series 1994E, dated October 18, 1994, which notes were retired at maturity
<br />with the proceeds of $345,000 notes (the Outstanding Notes) issued in anticipation of bonds
<br />pursuant to Ordinance No. 95-77, passed on June 6, 1995, as amended by Ordinance No. 95-89,
<br />passed on June 6, 1995, as a part of a consolidated issue of $35,310,000 Various Purpose
<br />Improvement Notes, Series 1995, dated June 22, 1995, which Outstanding Notes are to mature
<br />on June 20, 1996; and
<br />WHEREAS, this Council finds and determines that the City should retire the
<br />Outstanding Notes with the proceeds of the Notes described in Section 3; and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to
<br />this Council that the estimated life or period of usefulness of each class of the equipment
<br />described in Section 1 is at least five years, the estimated maximum maturity of the Bonds
<br />described in Section 1 is nine years, and the maximum maturity of the Notes described in
<br />Section 3, to be issued in anticipation of the Bonds, is November 23, 2007;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga Counry, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal
<br />amount of $345,000 (the Bonds) for the purpose of acquiring and installing computer equipment,
<br />including networking hardware and software, personal computer work stations, printers, software
<br />and cables, together with the necessary appurtenances thereto.
<br />Section 2. The Bonds shall be dated approximately December 1, 1996, shall bear
<br />interest at the now estimated rate of 6% per year, payable semiannually until the principal
<br />amount is paid, and are estimated to mature in nine annual principal installments that are
<br />in such amounts that the total of principal and interest payments on the Bonds in any fiscal year
<br />in which principal is payable is substantially equal to the total of such payments in each other
<br />such fiscal year. T'he first principal installment is estimated to be payable on December 1, 1997.
<br />D03:[00523.DOCS.NOR05225]NOTE ORD COMP $345.
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