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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 96-77
<br />BY: Councilmember Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE
<br />AND SALE OF $3,360,000 NOTES, IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS,
<br />FOR THE PURPOSE OF CONSTRUCTING,
<br />FURNISHING AND EQUIPPING A FIRE STATION
<br />AND ACQUIRING, PREPARING, IMPROVING AND
<br />EQUIPPING ITS SITE, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-72, passed on May 18, 1993, notes in
<br />anticipation of bonds in the amount of $400,000 were issued for the purpose of acquiring real
<br />estate and paying costs of constructing a fire station thereon, as a part of a consolidated issue
<br />of $3,450,000 Various Purpose Notes, Series 1993B, dated June 24, 1993, which notes were
<br />retired at maturity with the proceeds of $400,000 notes issued in anticipation of bonds pursuant
<br />to Ordinance No. 94-51, passed on March l, 1994, as a part of a consolidated issue of
<br />$3,600,000 Various Purpose Notes, Series 1994B, dated March 23, 1994, which notes were
<br />retired at maturity with the proceeds of $400,000 notes (the 1994E Notes) issued in anticipation
<br />of bonds pursuant to Ordinance No. 94-136, passed on September 20, 1994, as a part of a
<br />consolidated issue of $11,755,000 Various Purpose Improvement Notes, Series 1994E, dated
<br />October 18, 1994; and
<br />WHEREAS, pursuant to Ordinance No. 94-104, passed on July 5, 1994, notes in
<br />anticipation of bonds in the amount of $2,960,000 (the 1994D Notes) were issued for the
<br />purpose of constructing, furnishing and equipping a fire station and preparing, improving and
<br />equipping its site, as a part of a consolidated issue of $3,360,000 Various Purpose Improvement
<br />Notes, Series 1994D, dated August 19, 1994; and
<br />WHEREAS, the 1994E Notes and the 1994D Notes were retired at maturity with the
<br />proceeds of $3,360,000 notes (the Outstanding Notes) issued in anticipation of bonds for the
<br />purpose described in Section 1 pursuant to Ordinance No. 95-72, 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 each class of improvements
<br />described in Section 1 is at least five years, the estimated maximum maturity of the Bonds
<br />described in Section 1 is twenty years, and the maximum maturity of the Notes described in
<br />Section 3, to be issued in anticipation of the Bonds, is June 24, 2013;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />D03: [00523.DOCS.NOR05225]NOTE_ORD_FIRE_STATION_$3_360.
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