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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 85- 90
<br />BY: ? -
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $75,000
<br />NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY
<br />COSTS OF ACQUIRING AND INSTALLING TELEPHONE EQUIPMENT AND
<br />NECESSARY APPURTENANCES THERETO FOR USE BY THE CITY, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 82-25 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 stated in Section 1, which notes were
<br />retired at maturity with funds available to City and the proceeds of $75,000
<br />notes, dated September 22, 1983, issued in anticipation of bonds pursuant to
<br />Ordinance No. 83-105 passed September 6, 1983, which notes were retired at
<br />maturity with the proceeds of $75,000 notes, dated September 19, 1984, issued
<br />in anticipation of bonds pursuant to Ordinance No. 84-70 passed July 31, 1984,
<br />as amended by Ordinance No. 84-75, passed August 23, 1984, which notes are to
<br />mature on September 19, 1985; and
<br />WHEREAS, this Council finds and determines it to be in the best
<br />interest of the City to retire at maturity the outstanding notes with the
<br />proceeds of the notes described in Section 3; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has
<br />certified to this Council that the estimated life or usefulness of the
<br />improvement described in Section 1 is at least f ive years, the maximum
<br />maturity of the bonds referred to in Section 1 is five years, and the maximum
<br />maturity of the notes referred to in Section 3, to be issued in anticipation
<br />of the bonds, is October 27, 1992, 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, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City (the Bonds)
<br />in the principal amount of $75,000 to pay costs of acquiring and installing
<br />telephone equipment and necessary appurtenances thereto for use by the City.
<br />Section 2. The Bonds shall be dated approximately October 1, 1985,
<br />shall bear interest at the now estimated rate of 8% per annum, payable semi-
<br />annually until the principal amount is paid, and shall mature in five
<br />substantially equal annual installments.
<br />Section 3. It is necessary to issue and this Council determines that
<br />notes in the aggregate principal amount of $75,000 (the Notes) shall be issued
<br />in anticipation of the issuance of the Bonds and to retire the outstanding
<br />notes dated September 19, 1984. The Notes shall bear interest at a rate or
<br />rates not to exceed 8% per annum, payable at maturity. The rate or rates of
<br />interest on the Notes shall be determined by the Director of Finance in the
<br />certificate awarding the Notes in accordance with Section 6 of this ordinance.
<br />Section 4. The principal of and interest on the Notes shall be
<br />payable in lawful money of the United States of America, or in Federal Reserve
<br />funds of the United States of America if so requested by the original
<br />purchaser. The principal of and interest on the Notes shall be payable,
<br />without deduction for services of the City's paying agent, at the main office
<br />of National City Bank, Cleveland, Ohio, or at the principal office of a bank
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