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CITY OF NORTH OLMSTED ORDINANCE N0. 88-88 BY: Mayor M. Yvonne Petrigac AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $85,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF ACQUIRING MOTOR VEHICLES FOR USE BY 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 improvement described in Section 1 is at least five years, the maximum maturity of the bonds described in Section 1 is five years, and the maximum maturity of the Notes described 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 in the aggre- gate principal amount of $85,000 (the Bonds) to pay costs of acquiring motor vehicles for use by the Department of Public Safety. Section 2. The Bonds shall be dated approximately August 1, 1989, shall bear interest at the now estimated rate of 9% per year, payable semi- annually until the principal amount is paid, and shall mature in five substantially equal annual installments. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $85,000 (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 7°6 per year (computed on a 360-day per year basis), payable at maturity and until the principal amount is paid or payment is provided for. If requested by the original purchaser, the Notes may provide that, in the event the City does not pay or make provision for payment at maturity of the principal of and interest on the Notes, the principal amount of the Notes shall bear interest at a different rate or rates not to exceed 10-1/2X per year from the maturity date until the City pays or makes provision to pay that principal amount. 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 company 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 not endanger the funds or securities of the City and that proper procedures and safeguards are available for that purpose (the Paying Agent). The Notes shall be dated the date of issuance, and shall mature one year from the date of issuance. 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. The Notes shall be issued in the denominations and numbers as requested by the original purchaser and approved by the Director of Finance, provided that the entire principal amount may be represented by a single note. The Notes shall not have coupons attached, shall be numbered as determined by the Director of Finance and shall express