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CITY OF NORTH OLMSTED RESOLUTTON N0. 79-24 ? &j A RESOLUTION PROVTDTNG FOR THE CALL FOR REDIIMPTION OF THE OUTSTANDTNG SECOND MORTGAGE SEWERAGE SYSTEM REVENUE BONDS OF THE CTTY, AND DECLARTNG AN EMERGENCY. 0 WHEREAS, pursuant to Ordinance No. 65-217, as amended by Ordinance No. 66-206, the City isaued $123,000 Second Mortgage Sewerage System Revenue Bonds dated August 1, 1966, of wIiicfi $83,000 are pre- sently outstanding and are held by the Director of Finance as an invest- ment of the Bond Retirement Fund of the City; and WHEREAS, all of the outstanding Second Mortgage Sewerage Spstem Revenue Bonds are now callable for redemption and this Council hereby determines that said outstanding bonds should he so called for redemption; NOW, THEREFORE, BE TT RESOLVED bp the Council of the City of North Olmsted, Cuyahoga CQUnty, Ohio: Section 1. That all of the Second Mortgage Sewerage System Revenue Bonds now outstanding and maturing on and after December 1, 1979, are hereby called for redemption on March 30, 1979 at the par value thereof, together with accrued interest thereon, notice of the redemption of the bonds having been waived bp the Director of Finance. Section 2. That in order to provide for the redemption of the aforesaid bonds, there is hereby approprtated from the Sanitary Sewer Revenue Fund such amount as will be, when added to the moneys and investments presently held in the Bond Fund by National City Bank, tfie Trustee under the Indenture of Mortgage securing these bonds, sufficient to pay the principal and interest required for such redemption on Ma.rch 30, 1979, and the expenses of the Trustee incurred in connection with the redemption and payment of the bonds and 3nterest tfiereon. Section 3. That the Clerk of Council is hereby directed to forward a certified copy of this resolution to National C3ty Bank. Section 4. That it is found and determined that all £ormal actions of this Council concerning and relattng to the adopt3on of this resolution were adopted in an open meet3ng of this Council, and that all deliberations of this Council that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code. Section 5. This resolution is hereby declared to be an emergency measure necessary for the preservation of the publtc peace, welfare and safety of this City, and for the further reason tfiat this resolution must be effect3.ve immediately in order to germit the redemption on March 30, 1979, of the bonds hereby called for redempt3on; wherefore, this resolution shall