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• ?w..? <br />? <br />? <br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 90- 63 <br />BY: RONALD TALLON <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF <br />$240,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF <br />BONDS, FOR THF. PURPOSE OF PROVIDING FUNDS TO PAY COSTS <br />OF THE JIIDGMENT RENDERED AGAINST THE CITY IN CIVIL <br />ACTION NUMBER C82-3089 IN THE UNITED STATES DISTRICT <br />COURT FOR THE NORTHERN DISTRICT OF OHIO, EASTERN <br />DIVISION, AND LOSSES, DAMAGES AND EXPENSES RELATED <br />THERETO, AND DECLARING AN EMERGENCY. <br />WFiEREAS, on September 9, 1987, the United States District Court for <br />the Northern District of Ohio, Eastern Division, in Civil Action Number C82- <br />3089 entered an order requiring the City to reinstate to her former job an <br />employee discharged during a probationary period and to pay that employee back <br />pay, which order was affirmed on appeal; and <br />W1iEREAS, in order to pay costs of the judgment rendered against the <br />City in that action and the related losses, damages and expenses, the City <br />issued $170,000 of notes dated August 10, 1988 and $130,000 of notes dated <br />September 1, 1988, pursuant to Ordinance No. 88-87, passed July 5, 1988, which <br />notes (collectively, the 1988 Notes) were retired at maturity with funds of <br />the City and proceeds of $270,000 notes dated August 10, 1989 (the 1989 Notes) <br />issued in antici.pation of bonds pursuant to Ordinance No. 89-60, passed July <br />6, 1989, whieh 1989 Plotes are to mature on June 6, 1990; and <br />WHEREAS, thi.s Council finds and determines that the City should <br />retire the 1989 Notes with the proceeds of the Notes described in Section 3 <br />and other funds available to the City; and f <br />WtiEREAS, the Director of Finance as fiscal officer of this City has <br />certif.ied to this Council tliat the estimated maximum maturity of the Bonds <br />described in Section 1 is twenty years, and the maximum maturity of the Notes <br />described in Section 3, to be issued in anticipation of the Bonds, is August <br />10, 2008; <br />NOW, THERFFORE, BE IT ORDAINED by the Council of the City of North <br />Olmsted, Cuyahoga County, Ohio, t.hat: <br />Section 1. <br />aggregate principal <br />providing funds to p <br />Civil Action Number <br />Norttiern District of <br />related thereto. <br />It is necessary to issue <br />amount of $240,000 (the <br />ay costs of the judgment <br />C82-3089 in the United S <br />Ohio, Eastern Division, and <br />bonds of this City in the <br />Bonds) for the purpose of <br />rendered against the City in <br />tates District Court for the <br />losses, damages and expenses