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s _ • w CITY OF NORTH OLMSTED ORDINANCE N0. 85- 62 BY : jr, 1?,,`?-? -- ? AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $120,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING MOTOR VEHICLES AND EQUIPMENT FOR THE DEPARTMENT OF PUBLIC SAFETY. WHEREAS, the Director of Finance as fiscal officer of this City has certified to this Council that the estimated life or usefulness of the vehicles and equipment described in Section 1 is at least five years, the maximum maturity of the bonds referred to in Section 1 is five years, and the maximum maturity of the notes referred to in Section 3, to be issued in anticipation of the bonds, is ten years, or one year if sold at private sale; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City (the Bonds) in the principal amount of $120,000 for the purpose of acquiring motor vehicles and equipment for the Department of Public Safety. Section 2. The Bonds shall be dated approximately October 1, 1985, shall bear interest at the now estimated rate of 8% per annum, payable semi- annually until the principal amount is paid, and shall mature in five substan- tially equal annual installments. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $120,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at a rate or rates not to exceed 9% per annum, payable at maturity. The rate or rates of interest on the Notes shall be determined by the Director of Finance in the certificate awarding the Notes in accordance with Section 6 of this ordinance. Section 4. The principal of and interest on the Notes shall be pay- able in lawful money of the United States of America, or in Federal Reserve funds of the United States of America if so requested by the original pur- chaser. The principal of and interest on the Notes shall be payable, without deduction for services of the City's paying agent, at the main office of National City Bank, Cleveland, Ohio, or at the principal office of a bank or trust companq requested by the original purchaser of the Notes, provided that such request shall be approved by the Director of Finance after determining that the payment at that bank or trust company will adequately protect the funds of the City and that proper procedures and safeguards are available for that purpose. The Notes shall be dated the date of issuance, and shall mature on November 11, 1985. Section 5. The Notes shall be signed by the Mayor and Director of Finance, in the name of the City and in their official capacities, provided that one of those signatures may be a facsimile, and bear the corporate seal of the City or a facsimile of that seal; shall be issued in the numbers and denominations as may be requested by the original purchaser and approved by