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BY : ?.t
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $350,000 NOTES,
<br />IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF
<br />PURCHASING TRUCKS, AUTOMOBILES AND OTHER MOTORIZED EQUIPMENT,
<br />TOGETHER WITH THE NECESSARY APPURTENANCES THERETO, FOR VARIOUS
<br />DEPARTMENTS OF THE 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 stated in Section 1, which notes were
<br />retired at maturity with the proceeds of $410,000 notes, dated September 24,
<br />1982, issued in anticipation of bonds pursuant to Ordinance No. 82-118 passed
<br />September 7, 1982, which notes were retired at maturity with funds available
<br />to the City and the proceeds of $350,000 notes, dated September 22, 1983,
<br />issued in anticipation of bonds pursuant to Ordinance No. 83-106 passed
<br />September 6, 1983, which notes were also retired at maturity with the proceeds
<br />of $350,000 notes, dated September 19, 1984, issued in anticipation of bonds
<br />pursuant to Ordinance No. 84-69 passed July 31, 1984, as amended by Ordinance
<br />No. 84-74 passed August 23, 1984, which notes are to mature on September 19,
<br />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 five 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 September 24, 1981, 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 $350,000 for the purpose of purchasing trucks,
<br />automobiles and other motorized equipment, together with the necessary
<br />appurtenances thereto, for various departments of 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 $350,000 (the Notes) shall be
<br />issued in anticipation of the issuance of the Bonds and to retire the
<br />outstanding notes dated September 19, 1984. The Notes shall bear interest at
<br />a rate or rates not to exceed 8% per annum, payable at maturity. The rate or
<br />rates of interest on the Notes shall be determined by the Director of Finance
<br />in the certificate awarding the Notes in accordance with Section 6 of this
<br />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 />?.. . _ _ ?,?.,41. v - .?.
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