96-080 Ordinance - Laserfiche WebLink

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-2- NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of $750,000 (the Bonds) for the purpose of acquiring fire trucks, together with the necessary equipment and appurtenances thereto, for use in carrying out functions of the Division of Fire of the Department of Public Safety. Section 2. The Bonds shall be dated approximately December 1, 1996, shall bear interest at the now estimated rate of 6% per year, payable semiannually until the principal amount is paid, and are estimated to mature in ten annual principal installments that are in such amounts that the total of principal and interest payments on the Bonds in any fiscal year in which principal is payable is substantially equal to the total of such payments in each other such fiscal year. The first principal installment is estimated to be payable on December 1, 1997. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $750,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at a rate not to exceed 8% per year (computed on a 360-day per year basis), payable at maturity and until the principal amount is paid or payment is provided for. If requested by the original purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturiry of the debt charges on the Notes, the principal amount of the Notes shall bear interest at a different rate or rates not to exceed 10% per year from the maturity date until the City pays or makes provision to pay that principal amount. The rate or rates of interest on the Notes shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 7 of this ordinance (the Certificate of Award). The Notes shall be dated the date of issuance and shall mature on December 20, 1996; provided that the Director of Finance may, if he determines it to be necessary or advisable, establish a different maturity date that is on or after November 1, 1996, but before December 20, 1996, by setting forth that maturity date in the Certificate of Award. Section 4. T'he Notes shall be signed by the Mayor and the Director of Finance, in the name of the City and in their official capacities, provided that either or both of those signatures may be a facsimile. The Notes shall be issued only as fully registered notes and in the numbers and denominations as requested by the Original Purchaser (as defined in Section 7) and approved by the Director of Finance, provided that the entire principal amount may be represented by a single note. The Notes shall not have coupons attached, shall be numbered as determined by the Director of Finance and shall express upon their faces the purpose, in summary terms, for which they are issued and that they are issued pursuant to this ordinance. No Note shall be valid or obligatory for any purpose or shall be entitled to any security or benefit under the Note proceedings (as defined in Section 7) unless and until the certificate of authentication printed on the Note is signed by the Note Registrar (as defined in Section 6) as authenticating agent. Authentication by the Note Registrar shall be conclusive evidence that the Note so authenticated has been duly issued, signed and delivered under, and is entitled to the security and benefit of, the Note proceedings. The certificate of authentication may be signed by any authorized officer or employee of the Note Registrar or by any other person acting as an agent of the Note Registrar and approved by the Director of Finance on behalf of the City. Section 5. The debt charges on the Notes shall be payable when due in Federal Reserve funds of the United States of America, without deduction for services of the City's D03:[00523.DOCS.NOR05225]NOTE ORD FIRE TRUCK $750.