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t '• gAgW"r.. <br />i <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 7C /O~ <br />e, ~..~- <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES <br />IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR <br />THE PURPOSE OF PROVIDING FUNDS TO PURCHASE TWO <br />AMBULANCES AND A FIRE PUMPER FOR THE DIVISION <br />OF FIRE OF THE DEPARTMENT OF PUBLIC SAFETY, AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, the fiscal officer of the City has certified the maximum <br />maturity of the bonds anticipated and of the notes herein authorized, the <br />maximum maturity of such bonds being seven years based on the allocation of <br />the amounts to be expended for the several classes of improvements as set <br />forth in his certificate, which allocation is hereby approved and confirmed; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North <br />Olmsted, Cuyahoga County, Ohio: <br />Section 1. That it is hereby declared necessary to issue bonds of <br />the City of North Olmsted in the principal sum of $175,000 for the purpose of <br />providing funds to purchase two ambulances and afire pumper for the Division <br />of Fire of the Department of Public Safety, and to the extent necessary to <br />pay not to exceed one year's interest on such bonds or notes issued in <br />anticipation thereof. <br />Section 2. That said bonds shall be dated approximately July 1, <br />1977, shall bear interest at the estimated rate of six per centum (6X) per <br />annum, payable semi-annually, until the principal sum is paid, and shall <br />mature in seven substantially equal annual installments after their issuance. <br />Section 3. That for the purpose of raising money in anticipation <br />of the issuance of the aforesaid bonds, it is hereby declared necessary to <br />issue and there shall be issued notes of said City in the principal amount of <br />$175,000. <br />Section 4. That such anticipatory notes in the amount aforesaid shall <br />bear interest at such rate not exceeding seven per centum (7y) per annum, payable <br />at maturity, and at such rate after maturity not exceeding eight per centum (8%) <br />per annum, as may be fixed by the Director of Finance in his award of said notes <br />at private sale. Such notes shall be dated as of the date of their issuance, <br />shall mature one year from date, and shall be in such denominations as may be <br />requested by the purchaser. <br />Section 5. Such notes shall be signed by the Mayor and Director <br />of Finance and bear the seal of the corporation. They shall be payable in <br />Federal Reserve funds of the United States of America at the main office of <br />National City Bank, Cleveland, Ohio, and shall express upon their face the <br />purpose for which they are issued and that they are issued pursuant to this <br />ordinance. <br />Section 6. Subject to the rejection of such notes by the Director <br />of Finance for investment in the Bond Retirement Fund, such notes shall be <br />sold by the Director of Finance at private sale at an interest rate not in <br />excess of that specif ied in Section 4. The proceeds from such sale, except <br /> <br />