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ORDINANCE N0. 88- 8 7 gy; Ron Wilamosky AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOTES, IN ANTICIPATION OF THE ISSUANCE 0F BONDS, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY COSTS OF THE JUDGMENT RENDERED AGAINST THE CITY IN CIVIL ACTION NUMBER C82-3089 IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF OHIO, EASTERN DIVISION, AND LOSSES, DAMAGES AND EXPENSES RELATED THERETO, AND DECLARING AN EMERGENCY. WHEREAS, on September 9, 1987, the United States District Court for the Northern District of Ohio, Eastern Division, in Civil Action Number C82-3089 entered an order requiring the City to reinstate to her former job an employee discharged during a probationary period and to pay that employee back pay; and WHEREAS, the City appealed that decision to the United States Court of Appeals for the sixth Circuit and on May 19, 1988, that Court of Appeals affirmed the decision of the District Court; and WHEREAS, this Council has determined that the amount of the judgment rendered against the City in that Civil Action Number C82-3089 and the losses, damages and expenses related thereto will be approximately $300,000; and WHEREAS, within the limits of the City's funds that have been appro- priated and are available for the purpose, the City is unable to pay that judgment rendered against it and those losses, damages and expenses related thereto; and WHEREAS, it is therefore necessary and proper for this City to borrow the money required to pay that judgment and the losses, damages and expenses related thereto; and WHEREAS, provisions of the Ohio Revised Code authorize the City to borrow money for such purposes and to issue bonds, and notes in anticipation of the issuance of bonds, to evidence that borrowing; and WHEREAS, the Director of Finance as fiscal officer of this City has certified to this Council that the maximum maturity of the bonds described in Section 1 is twenty years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the bonds, is twenty 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 maximum aggregate principal amount of $300,000 (the Bonds) for the purpose of providing funds to pay costs of the judgment rendered against the City in Civil Action Number C82-3089 in the United States District Court for the Northern District of Ohio, Eastern Division, and losses, damages and expenses related thereto. Section 2. The Bonds shall be dated approximately July 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 twenty substantially equal annual installments.