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CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 2005-33
<br />BY: Mayor O'Grady
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $550,000 OF NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, TO PAY COSTS OF ACQUIRING
<br />EMERGENCY RESCUE SQUAD AND OTHER MOTOR
<br />VEHICLES AND RELATED EQUIPMENT FOR THE CITY'S
<br />FIRE DEPARTMENT, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 2003 -156 passed on December 2, 2003, notes in
<br />anticipation of bonds in the amount of $550,000, dated January 21, 2004, were issued for the
<br />vehicles and equipment described in Section 1, which notes were retired at maturity with funds
<br />available to the City and the proceeds of $550,000 notes (the Outstanding Notes), issued in
<br />anticipation of bonds pursuant to Ordinance No. 2004 -34 passed on April 6, 2004, as a part of a
<br />consolidated issue of $3,675,000 Capital Improvement Notes, Series 2004, dated May 4, 2004,
<br />which Outstanding Notes are to mature on May 4, 2005; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Notes with the proceeds of the Notes described in Section 3 and other funds available to the City;
<br />and
<br />WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this
<br />Council that the estimated life or period of usefulness of the vehicles and equipment described in
<br />Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1
<br />is at least eight years, and the maximum maturity of the Notes described in Section 3, to be issued in
<br />anticipation of the Bonds, is January 21, 2017;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of
<br />$550,000 (the Bonds) to pay costs of acquiring emergency rescue squad and other motor vehicles
<br />and related equipment for the City's Fire Department.
<br />Section 2. The Bonds shall be dated approximately May 1, 2006, shall bear interest at the
<br />now estimated rate of 4%2% per year, payable semiannually until the principal amount is paid, and
<br />are estimated to mature in eight annual principal installments that are substantially equal. The first
<br />principal installment on the Bonds is estimated to be payable on December 1, 2007, and the first
<br />interest installment of the Bonds is estimated to be payable on December 1, 2006.
<br />Section 3. It is necessary to issue and this Council determines that notes in the aggregate
<br />principal amount of $550,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds
<br />and to retire, together with other funds available to the City, the Outstanding Notes. The Notes shall
<br />be dated the date of their issuance, and shall mature one year from the date of their issuance;
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