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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 96-80
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND SALE OF $750,000 NOTES, IN ANTICIPATION
<br />OF THE ISSUANCE OF BONDS, FOR THE PURPOSE
<br />OF ACQUIRING FIRE TRUCKS, TOGETHER WITH
<br />THE NECESSARY EQUIPMENT AND APPURTE-
<br />NANCES THERETO, FOR USE IN CARRYING OUT
<br />FUNCTIONS OF THE DIVISION OF FIRE OF THE
<br />DEPARTMENT OF PUBLIC SAFETY, AND DECLAR-
<br />ING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-49, passed on April 20, 1993, notes in
<br />anticipation of bonds in the amount of $250,000 were issued for the purpose of acquiring a fire
<br />truck, together with the necessary equipment and appurtenances thereto, as a part of a
<br />consolidated issue of $510,000 Various Purpose Notes, Series 1993A, dated May 25, 1993,
<br />which notes were retired at maturity with the proceeds of $250,000 notes issued in anticipation
<br />of bonds pursuant to Ordinance No. 94-4, passed on January 4, 1994, as a part of a consolidated
<br />issue of $2,510,000 Various Purpose Notes, Series 1994A, dated January 19, 1994, which notes
<br />were retired at maturity with the proceeds of $250,000 notes (the 1994E Notes) issued in
<br />anticipation of bonds pursuant to Ordinance No. 94-137, passed on September 20, 1994, as a
<br />part of a consolidated issue of $11,755,000 Various Purpose Improvement Notes, Series 1994E,
<br />dated October 18, 1994; and
<br />WHEREAS, pursuant to Ordinance No. 94-38, passed on March 1, 1994, as
<br />amended by Ordinance No. 94-77, passed on April 19, 1994, notes in anticipation of bonds in
<br />the amount of $500,000 (the 1994C Notes) were issued for the purpose of acquiring an aerial
<br />pumper fire truck, together with the necessary equipment and appurtenances thereto, for use in
<br />carrying out functions of the Division of Fire of the Department of Public Safety, as a part of
<br />a consolidated issue of $13,920,000 Various Purpose Improvement Notes, Series 1994C, dated
<br />June 22, 1994; and
<br />WHEREAS, the 1994E Notes and the 1994C Notes were retired at maturity with the
<br />proceeds of $750,000 notes (the Outstanding Notes) issued in anticipation of bonds for the
<br />purpose described in Section 1 pursuant to Ordinance No. 95-73, passed on June 6, 1995, as
<br />amended by Ordinance No. 95-89, passed on June 6, 1995, as a part of a consolidated issue of
<br />$35,310,000 Various Purpose Improvement Notes, Series 1995, dated June 22, 1995, which
<br />Outstanding Notes are to mature 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 the fire apparatus described in
<br />Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is ten years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is May 25, 2008;
<br />D03:[00523.DOCS.NOR05225]NOTE ORD FIRE TRUCK $750.
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