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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO.: $3 - 106
<br />BY :
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<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 APPIIRTENANCES THERETO, FOR VARIOUS
<br />DEPARTMENTS OF TfiE 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 were retired
<br />at maturity with the proceeds of $410,000 notes dated September 24, 1982,
<br />issued in anticipation of bonds pursuaat to Ordinance No. 82-118, passed
<br />September 7, 1982, which notes are to mature on September 22, 1983; 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 other funds available to the Citq;
<br />and
<br />WfiEREAS, this Council has requested that the Director of Finance, as
<br />fiscal officer, certify to this Council the estimated life of the equipment
<br />hereinafter mentioned, the maximum maturity of the bonds hereinafter referred
<br />to and the maximum maturity of any notes which may be issued in anticipation
<br />of those bonds, and the Director of Finance has certified that the estimated
<br />life of that equipment is at least five years, that the maximum maturity of
<br />those bonds is five years, and that the maximum maturity of those notes is ten
<br />years from the date of the original issue, to wit: September 24, 1991, if
<br />sold at public sale or to one of the funds of the City, or one year, if sold
<br />at private sale.
<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 amount of $350,000 for the purpose
<br />of 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 />1984, shall bear interest at the estimated rate of ten per centum (10%) 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 $350,000 shall be
<br />issued in anticipation of such bonds for that equipment and to provide funds,
<br />together with other funds available for that purpose, to retire the outstand-
<br />ing notes dated September 24, 1982. Such anticipatory notes shall bear
<br />interest at a rate or rates not to exceed thirteen per centum (13X) per annum,
<br />paqable at maturity, with provision, if requested by the purchaser, that in
<br />the event of default in the payment of the principal of such notes at matu-
<br />rity, such notes shall bear interest at a different rate or rates, but not
<br />exceeding thirteen per centum (13z) per annum, from the said maturity until
<br />the principal sum is paid. Such rate or rates shall be fixed by the Director
<br />of Finance in his certificate awarding the sale of the notes in accordance
<br />with Section 5 hereof. Such notes shall be dated September 22, 1983, and
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