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CITY OF NORTH OLMSTED <br />ORDINANCE N0. _~~j <br />By -- <br />_Lt~ <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF $261,000 <br />NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR <br />THE PURPOSE OF PROVIDING FUNDS FOR THE PURCHASE OF <br />MOTORIZED EQUIPMENT FOR THE SERVICE DEPARTMENT, AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, the Director of Finance, as fiscal officer of the City, <br />has certified the estimated life of the equipment and the maximum maturity <br />of the bonds and notes proposed to be issued; <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 $261,000 for the purpose <br />of providing funds for the purchase of motorized equipment for the Service <br />Department of the City, viz. garbage packer trucks, street sweeper, tractor <br />mower, asphalt storage hauler, and trucks, 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 April 1, 1975, <br />shall bear interest at the estimated rate of four and three-quarters per <br />centum (4-3/4~) per annum, payable semi-annually, until the principal sum <br />is paid, and shall mature in five substantially equal annual installments <br />after their issuance. <br />Section 3. That for the purpose of raising money in anticipation of <br />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 <br />of $261,000. <br />Section 4. That such anticipatory notes in the amount aforesaid shall <br />bear interest at such rate not exceeding five and three-quarters per centum <br />(5-3/4%) per annum, payable at maturity, and at such rate after maturity <br />not exceeding eight per centum (8%) per annum, as may be fixed by the <br />Director of Finance in his award of said notes at private sale. Such notes <br />shall be dated as of the date of their issuance, shall mature one year from <br />such date, and shall be in such denominations as may be requested by the <br />purchaser. <br />Section 5. Such notes shall be signed by the Mayor and Director of <br />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 <br />of National City Bank, Cleveland, Ohio, and shall express upon their face <br />the purpose for which they are issued and that they are issued pursuant <br />to this 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 specified in Section 4. The proceeds from such sale, except <br />any premium and accrued interest, shall be paid into the proper fund and <br />used for the purpose aforesaid and for no other purpose. Any premium and <br />accrued interest shall be deposited in the Bond Retirement Fund. <br />,. ,...~~,~., .w~~...r~~ <br />