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'00?' CITY OF NORTH OLMSTED ORDINANCE NO. 96-140 BY: Councilmember Lind AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $150,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING AND EQUIPPING AN EMERGENCY RESCUE VEHICLE FOR USE IN CARRYING OUT FUNCTIONS OF THE DIVISION OF FIRE OF THE DEPARTMENT OF PUBLIC SAFETY; AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 96-69, passed on May 9, 1996, notes in anticipation of bonds in the amount of $150,000 (the Outstanding Notes) were issued for the equipment described in Section 1, as a part of a consolidated issue of $42,435,000 Various Purpose Improvement Notes, Series 1996, dated June 19, 1996, which Outstanding Notes are to mature on December 19, 1996; and WHEREAS, this Council finds and determines that this Ciry should issue the Notes described in Section 3 to provide funds to retire the Outstanding Notes at maturity; and WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of the equipment described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years, and the maximum maturiry of the Notes described in Section 3, to be issued in anticipation of the Bonds, is June 19, 2011; 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 $150,000 (the Bonds) for the purpose of acquiring and equipping an emergency rescue vehicle 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, 1997, 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 substantially equal. The first principal instaliment is estimated to be payable on December 1, 1998. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $150,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire the Outstanding Notes. The Notes shall bear interest at a rate not to exceed 6% 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 maturity 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 D03: [00523.DOCS.NOR05230]NOTE_ORD_NM_FIRE_SQUAD_$150.