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CITY OF NORTH OLMSTED ORDINANCE N0. 89-GO By. COUNCILMAN WILAMOSKY AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $270,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY COSTS OF THE JUDGMENT RENDERED AGAINST THE CITY IN CIVIL ACTION NUMBER C82-3089 IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF OHIO, EASTERN DIVISION, AND LOSSES, DAMAGES AND EXPENSES RELATED THERETO, AND DECLARING AN EMERGENCY. WHEREAS, on September 9, 1987, the United States District Court for the Northern District of Ohio, Eastern Division, in Civil Action Number C82-3089 entered an order requiring the City to reinstate to her former job an employee discharged during a probationary period and to pay that employee back pay, which order was affirmed on appeal; and WHEREAS, in order to pay costs of the judgment rendered against the City in that action and the related losses, damages and expenses, the City issued $170,000 of notes dated August 10, 1988 and $130,000 of notes dated September 1, 1988, pursuant to Ordinance No. 88-87, passed July 5, 1988, which notes (collectively, the 1988 Notes) are to mature on August 10, 1989; and WHEREAS, this Council finds and determines that the City should retire the 1988 Notes with the proceeds of the Notes described in Section and other funds available to the City; and WHEREAS, the Director of Finance as fiscal officer of this City has certified to this Council that the maximum maturity of the Bonds described in Section 1 is twenty years, and the maximum maturity of the Notes described i?.1 Section 3, to be issued in anticipation of the bonds, is August 10, 2008; NOW, THEREFORE, BE IT ORDAINEll 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 aggre- gate principal amount of $270,000 (the Bonds) for the purpose of providing funds to pay costs of the judgment rendered against the City in Civil Action Number C82-3089 in the United States District Court for the Northern District of Ohio, Eastern Division, and losses, damages and expenses related thereto. Section 2. The Bonds shall be dated approximately June 1, 1990, shall bear interest at the now estimated rate of 7-1j 2% per year, payable semi-annually until the principal amount is paid, and shall mature in twenty substantially equal annual installments.