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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. : 83 - 105
<br />BY:
<br />AN ORDINANCE AUTfiORIZING THE ISSUANCE OF NOTES IN ANTICIPA-
<br />TION OF THE ISSUANCE OF BONDS TO PAY COSTS OF ACQUIRING AND
<br />INSTALLING TELEPHONE EQUIPMENT AND NECESSARY APPURTENANCES
<br />THERETO FOR USE BY THE CITY, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 82-125 passed September 29, 1982,
<br />notes in anticipation of bonds in the amount of $90,000 dated October 27,
<br />1982, were issued for the purpose hereinafter stated, which notes are to
<br />mature on September 22, 1983; and
<br />WHEREAS, this Council hereby finds ar?d 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 City;
<br />and
<br />WHEREAS, 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 maq 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 the notes to be
<br />issued in anticipation of such boads is ten years from the date of the
<br />original issue, to wit: October 27, 1992, if sold at public sale or to one of
<br />the funds of the City, or one year, if sold 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 $75,000 to pay costs of
<br />acquiring and installing telephone equipment and necessary appurtenances
<br />thereto for use by the Citq.
<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 $75,000 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
<br />outstanding notes dated October 27, 1982. Such anticipatory notes shall bear
<br />interest at a rate or rates not to exceed thirteen per centum (13y) per annum,
<br />payable 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
<br />maturity, such notes shall bear interest at a different rate or rates, but not
<br />exceeding thirteen per centum (13%) 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 Finaace 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
<br />shall mature on September 20, 1984, but, if agreed to by the purchaser of the
<br />notes, shall be issued subject to prepayment prior to maturity at par and
<br />accrued interest, and shall be issued in such numbers and denominations as maq
<br />be requested by the purchaser thereof.
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