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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 85- 79
<br />BY : y1 ? iial ?_ '
<br />0
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
<br />OF $3,050,000 BONDS FOR THE PURPOSE OF CON-
<br />STRUCTING, FURNISHING AND EQUIPPING A COMBINED
<br />BUS GARAGE, SERVICE GARAGE AND MUNICIPAL ADMINIS-
<br />TRATION BUILDING AND IMPROVING THE SITE THEREOF,
<br />AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 82-37 passed October 5, 1982,
<br />notes in anticipation of bonds in the amount of $3,200,000, dated November 10,
<br />1982, were issued for the purpose stated in Section 1, which notes were re-
<br />tired at maturity with funds available to the City and the proceeds of
<br />$3,050,000 notes, dated November 10, 1983, issued in anticipation of bonds
<br />pursuant to Ordinance No. 83-115 passed October 18, 1983, which notes were
<br />also retired at maturity with the proceeds of $3,050,000 notes, dated
<br />September 19, 1984, issued in anticipation of bonds pursuant to Ordinance No.
<br />84-68 passed July 31, 1984, as amended by Ordinance No. 84-73 passed August
<br />23, 1984, which notes are to mature on September 19, 1985; and
<br />WHEREAS, this Council has determined that it is in the best interest
<br />of the City to cause bonds to be issued in October, 1985 to provide funds to
<br />retire several issues of bond anticipation notes and to offer and sell such
<br />bonds at one time and pursuant to a common plan of marketing; and
<br />WHEREAS, this Council therefore finds and determines it to be
<br />necessary and in the best interest of the City to authorize, by a separate
<br />ordinance, the issuance of short-term renewal notes (Renewal Notes) to provide
<br />funds to retire at maturity the outstanding notes and to authorize, by this
<br />ordinance, the issuance of the bonds described in Section 1 to provide funds
<br />to retire the Renewal Notes at their maturity; 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 im-
<br />provement described in Section 1 is at least five years and the maximum matu-
<br />rity of the bonds referred to in Section 1 is twenty years;
<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 aggregate principal amount of $3,050,000 for the purpose of construct-
<br />ing, furnishing and equipping a combined bus garage, service garage and munic-
<br />ipal administration building and improving the site thereof.
<br />Section 2. The Bonds shall be issued in one lot and only as fully
<br />registered Bonds registered as to both principal and interest, in the denomi-
<br />nations of $5,000 or any integral multiple thereof but not exceeding the prin-
<br />cipal amount of the Bonds maturing on any one date; and shall be dated as of
<br />October 1, 1985.
<br />The Bonds shall bear interest at the rate of lOX per annum, payable
<br />on June 1 and December 1 of each year (the Interest Payment Dates), commencing
<br />December 1, 1985, until the principal amount has been paid or provided for.
<br />However, if the Bonds are sold bearing a different rate of interest than
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