78-041 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. ? BY AN ORDINANCE AUTHORIZING THE ISSUANCE OF $330,000 OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO PURCHASE MOTORIZED VEHICLES AND EQUIPMENT FOR THE DEPARTMENT OF PUBLIC SERVICE, AND DECLARING AN EMERGENCY. WHEREAS, $332,000 of notes were issued pursuant to Ordinance No. 77-92 in anticipation of the bonds herein authorized, which notes mature on June 15, 1978; and WHEREAS, Council has determined to issue the $330,000 bonds herein authorized, the proceeds of which, together with $2,000 from other available sources, will be used to retire the outstanding notes at their maturity; and WHEREAS, the fiscal officer of the City has certified his estimate of the life of usefulness of the property hereinafter mentioned and the maximum maturity of bonds; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $330,000 for the purpose of providing funds to purchase motorized vehicles and equipment for the Depart- ment of Public Service. Section 2. Said bonds shall be issued in the principal amount of $330,000 for the purpose aforesaid. The said bonds shall be dated June 1, 1978, shall be issued in the denomination of $5,000 each, shall be numbered from 1 to 66, both inclusive, and shall bear interest at the rate of five per centum (5%) per annum, payable semi-annually on the first day of June and the first day of December of each year beginning December l, 1978, until the principal sum is paid as evidenced by the coupons attached thereto; pro- vided, however, that if the bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bonds shall mature in their consecutive serial order as follows: $65,000 on December 1 in each of the years from 1979 to 1983, inclusive, except that $70,000 shall mature on December 1, 1981; which maturities are hereby determined to be in substantially equal annual installments. Section 3. Said bonds shall be signed by the Mayor and Director of Finance, provided that one of such signatures may be a facsimile signature, and shall bear the corporate seal of said City. Interest coupons attached to said bonds shall bear the facsimile signature of the Director of Finance printed or lithographed thereon. They shall be payable in lawful money of the United States of America at the main office of National City Bank, Cleveland, Ohio.