2001-059 Ordinance - Laserfiche WebLink

Home Browse Search

A % CITY OF NORTH OLMSTED ORDINANCE NO. 2001- 59 BY: Mayor Musial AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOTES IN A MAXIMUUM AGGREGATE PRINCIPAL AMOUNT OF $350,000, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF ACQUIRING A FIRE PUMPER AND OTHER RELATED FIRE APPARATUS AND EQUIPMENT. WHEREAS, the Director of Finance, as fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of the apparatus and equipment described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is ten years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is fifteen years; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section L It is necessary to issue bonds of this City in the maximum aggregate principal amount of $350,000 (the Bonds) to pay costs of acquiring a fire pumper and other related fire apparatus and equipment. Section 2. The Bonds shall be dated approximately June l, 2002, shall bear interest at the now estimated rate of 5% per year, payable semiannually until the principal amount is paid, and are estimated to mature in ten annual principal installments that are substantially equaL The first principal installment is estimated to be payable on December l, 2003. Section 3. It is necessary to issue and this Council determines that notes in a maximum aggregate principal amount of $350,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall be dated the date of their issuance, and shall mature one year from the date of their issuance; provided that the Director of Finance may, if she determines it to be necessary or advisable in connection with the sale of the Notes, establish in the certificate awarding the Notes in accardance with Section 6 of this ordinance (the Certificate of Award) a maturity date for the Notes that is up to ninety days earlier than one year from the date of issuance. The Notes shall bear interest at a rate not to exceed 5%2% per year (computed on the basis of a 360-day year consisting of twelve 30-day months), payable at maturity and until the principal amount is paid or payment is provided for. Subject to the limitations set forth in Section 1 and this Section 3, the principal amount of the Notes to be issued and the rate of interest on the Notes shall be determined by the Director of Finance in the Certificate of Award.