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CITY OF NORTH OLMSTED
<br />ORDINANCE NO.: 82 - 11_9
<br />BY: G[J `
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN ANTICIPA-
<br />TION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PURCHASING
<br />TRUCKS, AUTOMOBILES AND OTAER MOTORIZED EQUIPMENT, TOGETHER
<br />WITH THE NECESSARY APPURTENANCES THERETO, FOR VARIOUS
<br />DEPARTMENTS OF THE CITY, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 81-102 passed September 15, 1981,
<br />notes in anticipation of bonds in the amount of $410,000, dated September 24,
<br />1981, were issued for the purpose hereinafter stated, which notes are to
<br />mature one year from date; and
<br />WHEREAS, this Council hereby finds and determines it to be in the
<br />best interest of the City to retire at maturity the outstanding notes with the
<br />proceeds of the notes herein authorized; and
<br />WHEREAS, the Director of Finance as fiscal officer has certified to
<br />this Council that the estimated life of the equipment hereinafter mentioned is
<br />at least five years, and that the maximum maturity of the bonds hereinafter
<br />referred to is five qears, and the maximum maturity of the notes hereinafter
<br />referred to, to be issued in anticipation of said bonds, is ten years from the
<br />date of the original issue, to wit: September 24, 1991 if sold publicly, or
<br />one year if sold privately.
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, State of Ohio:
<br />SECTION 1. That it is hereby declared necessary to issue bonds of
<br />the City of North Olmsted in the principal sum of $410,000 for the purpose of
<br />purchasing trucks, automobiles and other motorized equipment, together with
<br />the necessary appurtenances thereto, for various departments of the City.
<br />SECTION 2. That such bonds shall be dated approximately September 1,
<br />1983, shall bear interest at the estimated rate of eleven per centum (lly) per
<br />annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in five substantially equal annual installments after their issuance.
<br />SECTION 3. That it is necessary to issue and this Council hereby
<br />determines that notes in the aggregate principal amount of $410,000 shall be
<br />issued in anticipation of such bonds. Such anticipatory notes shall bear
<br />interest at a rate or rates not to exceed the maximum interest rate per annum
<br />determined by the Director of Finance, payable at maturity, with provision, if
<br />requested by the purchaser, that in the event of default in the payment of the
<br />principal of such notes at maturity, such notes shall bear interest at a
<br />different rate or rates, but not exceeding the maximum interest rate per annum
<br />determined by the Director of Finance, from the said maturity until the prin-
<br />cipal sum is paid. Such rate or rates shall be fixed by the Director of
<br />Finance in his certificate awarding the notes pursuant to Section 5 hereof.
<br />Such notes shall be dated September 24, 1982, and shall mature September 22,
<br />1983, but, if agreed to by the purchaser of the notes, shall be issued subject
<br />to prepayment prior to maturity at par and accrued interest, and shall be
<br />issued in such numbers and denominations as may be requested by the purchaser,
<br />provided the entire principal amount may be represented by a single note.
<br />SECTION 4. That such notes shall be executed by the Mayor and the
<br />Director of Finance, one of whose signatures may be a facsimile, and bear the
<br />seal of the corporation or a facsimile of such seal; shall bear such numbers
<br />as designated by the Director of Finance; shall be payable at the main office
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