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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE NO. 94-_~
<br />BY: COUN TT,MAN DAVT ,TND
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $260,000 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF
<br />ACQUIRING, FOR USE BY THE DEPARTMENT OF
<br />PUBLIC SERVICE, TWO TWO-AND-ONE-HALF-TON
<br />TRUCKS, ATHREE-TON TANDEM DUMP TRUCK, A
<br />ONE-HALF-TON PICKUP TRUCK, AONE-TON CHIPPER
<br />TRUCK, A SWEEPER AND A SMALL LOADER
<br />BACKHOE, TOGETHER WITH THE NECESSARY
<br />APPURTENANCES THERETO, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-48, passed Apri120, 1993, notes in
<br />anticipation of bonds in the amount of $260,000 were issued for the purpose stated in Section
<br />1 (the 1993 Notes), as part of the City's $510,000 Various Purpose Notes, Series 1993A,
<br />dated May 25, 1993, and maturing January 20, 1994;
<br />WHEREAS, this Council finds and determines that the City should retire the 1993
<br />Notes with the proceeds of the Notes described in Section 3; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has certified to
<br />this Council that the estimated life or period of usefulness of the improvements described in
<br />Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is five years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is May 25, 2003;
<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 in the aggregate principal
<br />amount of $260,000 (the Bonds) for the purpose of acquiring, for use by the Department of
<br />Public Service, two two-and-one-half-ton trucks, athree-ton tandem dump truck, aone-half-
<br />ton pickup truck, aone-ton chipper truck, a sweeper and a small loader backhoe, together with
<br />the necessary appurtenances thereto.
<br />Section 2. The Bonds shall be dated approximately October 1, 1994, shall bear
<br />interest at the now estimated rate of 6 % per year, payable semi-annually until the principal
<br />amount is paid, and are estimated to mature in five annual principal installments that are
<br />substantially equal. The first principal installment is estimated to be December 1, 1995.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $260,000 (the Notes) shall be issued in anticipation of the
<br />issuance of the Bonds and to retire the 1993 Notes. The Notes shall bear interest at a rate or
<br />rates not to exceed 5 % per year (computed on a 360-day per year basis), payable at maturity
<br />or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the
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