80-030 Ordinance - Laserfiche WebLink

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s CITY OF NORTH OLMSTED ORDINANCE N0. $0 - 30 BY wx,.„ AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO PURCHASE TWO AMBULANCES AND A FIRE PUMPER FOR THE DIVISION OF FIRE OF THE DEPARTMENT OF PUBLIC SAFETY, AND DECLARING AN EMERGENCY. WHEREAS, $125,000 of notes were issued pursuant to Ordinance No. 79-115 in anticipation of the bonds herein authorized, which notes mature on June 6, 1980; and WHEREAS, there is available the sum of $20,000 which Council has determined to apply against the principal amount of the outstanding notes, and Council has further determined to issue the bonds herein authorized to provide the remaining funds necessary to retire the outstanding notes at their maturity; and WHEREAS, the fiscal officer of the City has certified his estimate of the life of usefulness of the equipment hereinafter mentioned and the maximum maturity of bonds based on the allocation of the amounts expended for the several classes of equipment as set forth in his certificate, which al- location is hereby approved and confirmed; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $105,000 for the purpose of providing funds to purchase two ambulances and a fire pumper for the Division of Fire of the Department of Public Safety. Said bonds shall be issued in one lot and notes have been issued in anticipation of said bonds. Section 2. Said bonds shall be issued in the principal amount of $105,000 for the purpose aforesaid. The said bonds shall be dated June 1, 1980, shall be issued in the denomination of $5,000 each, shall be numbered from 1 to 21, both inclusive, and shall bear interest at the rate of nine per centum (9%) per annum, payable semi-annually on the first day of June and the first day of December of each year beginning June 1, 1981, until the principal sum is paid as evidenced by the coupons attached thereto; provided, however, that if the bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bonds shall mature in their consecutive serial order as follows: $15,000 on December 1 in each of the years from 1981 to 1987, inclusive; which maturities are hereby determined to be in substantially equal annual installments.