81-063 Ordinance - Laserfiche WebLink

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! ? awl?l ? ? CITY OF NORTH OLMSTED ORDINANCE NO.: 81 - 63 BY: 9-2t , AN ORDINANCE A ORIZING THE I5SUANCE OF NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO PURCHASE LEAF VACUUMS AND OTiiER RELATED EQUIPMENT FOR THE DEPARTMENT OF PUBLIC SERVICE, AND DECLARING AN EMERGENCY. WHEREAS, the Director of Finance as fiscal officer has certified to this Council that the estimated life of the equipment hereinafter mentioned is at least five years, and that the maximum maturity of the bonds hereinafter referred to is five years, and the maximum maturity of the notes hereinafter referred to, to be issued in anticipation of said bonds is eight years from the date of the original issue if sold publicly, or one year if sold privately. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, State of Ohio: SECTION 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $110,000 for the purpose of providing funds to purchase leaf vacuums and other related equipment for the Department of Public Service. SECTION 2. That such bonds shall be dated approximately June 1, 1982, shall bear interest at the estimated rate of nine per centum (9%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in five substantially equal annual installments after their issuance. SECTION 3. That it is necessary to issue and this Council hereby determines that notes in the aggregate principal amount of $110,000 shall be issued in anticipation of such bonds. Such anticipatory notes shall bear interest at a rate or rates not to exceed the maximum interest rate per annum permitted by law in effect at the time of the award and sale of the notes, payable at maturity, with provision, if requested by the purchaser, that in the event of default in the payment of the principal of such notes at maturity, such notes shall bear interest at a different rate or rates, but not exceeding the maximum interest rate per annum permitted by law in effect at the time of the award and sale of the notes, from the said maturity until the principal sum is paid. Such notes shall be dated the date of issuance, and shall mature on June 3, 1982, but, if agreed to by the purchaser thereof, shall be issued subject to prepayment prior to maturity at par and accrued interest, and shall be issued in such numbers and denominations as may be requested by the purchaser thereof. SECTION 4. That such notes shall be executed by the Mayor and Director of Finance, one of whose signatures may be a facsimile, and bear the seal of the corporation or a facsimile of such seal; shall bear such numbers as designated by the Director of Finance; shall be payable at the main office of National City Bank, Cleveland, Ohio, without deduction for its services as the City's paying agent; shall be payable in lawful money or, if requested by the purchaser, in Federal Reserve funds of the United States of America; and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. SECTION S. That such notes shall be first offered to the Director of Finance as the officer in charge of the Bond Retirement Fund of the City and so many of the same as shall not be taken for said Bond Retirement Fund shall be sold by the Director of Finance at private sale for not less than