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<br />WHEREAS, pursuant to Ordinance No. 94-39, 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 $570,000 were issued for the purpose of acquiring motor vehicles and equipment
<br />for use in carrying out functions of the Department of Public Service, as a part of a consolidated
<br />issue of $13,920,000 Various Purpose Improvement Notes, Series 1994C, dated June 22, 1994,
<br />which notes were retired at maturity with the proceeds of $570,000 notes (the 1995B Notes)
<br />issued in anticipation of bonds pursuant to Ordinance No. 95-75, 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 />1995B Notes are to mature on June 20, 1996; and
<br />WHEREAS, pursuant to Ordinance No. 94-40, 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 $90,000 were issued for the purpose of acquiring motor vehicles, including four
<br />pick-up trucks and three automobiles, for use in carrying out city services and functions, as a
<br />part of a consolidated issue of $13,920,000 Various Purpose Improvement Notes, Series 1994C,
<br />dated June 22, 1994, which notes were retired at maturity with the proceeds of $90,000 notes
<br />(the 1995C Notes) issued in anticipation of bonds pursuant to Ordinance No. 95-82, passed on
<br />June 6, 1995, as amended by Ordinance No. 95-89, passed on June 6, 1995, as a part of a
<br />consolidated issue of $35,310,000 Various Purpose Improvement Notes, Series 1995, dated June
<br />22, 1995, which 1995C Notes are to mature on June 20, 1996; and
<br />WHEREAS, this Council finds and determines that the City should issue the Notes
<br />described in Section 3 to retire the 1995A Notes, the 1995B Notes and the 1995C Notes
<br />(collectively, the Outstanding Notes); 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 vehicles and equipment
<br />described in Section 1 is five years, and the maximum maturity of the Notes described in Section
<br />3, to be issued in anticipation of the Bonds, is July 31, 2001;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal
<br />amount of $1,045,000 (the Bonds) for the purposes of (i) acquiring motor vehicles and
<br />equipment, together with the necessary appurtenances thereto, for use in carrying out functions
<br />of the Department of Public Services and (ii) acquiring motor vehicles, including four pick-up
<br />trucks and three automobiles, for use in carrying out City services and functions.
<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 five annual principal mstallments 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. The first principal installment is estimated to be payable on December 1, 1997.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $1,045,000 (the Notes) shall be issued in anticipation of the
<br />issuance of the Bonds. The Notes shall bear interest at a rate not to exceed 8% per year
<br />(computed on a 360-day per year basis), payable at maturity and until the principal amount is
<br />paid or payment is provided for. If requested by the original purchaser, the Notes may provide
<br />D03:[00523.DOCS.NOR05225]NOTE_ORD_MOTOR VEH $1 045.
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