90-062 Ordinance - Laserfiche WebLink

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r • ?'? + ' • ' ?w„ . ? CITY OF NORTH OL,MSTED ORDINANCE N0. 90- 62 BY: RONALD TALLON ?. ? ?i ?- AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $200,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF ACQUIRING AN EMERGENCY RESCUE VEHICLE AND EQUIPMENT, INCLUDING TURN OUT GEAR, AIR PACKS AND TANKS, RADIO EQUIPMENT, HOSES AND NOZZLES, FOR USE IN CARRYING OUT FUNCTIONS OF THE DIVISION OF FIRE OF THE DEPARTMENT OF PUBLIC SAFETY, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordlnance No. 89-24, passed April 19, 1989, notes in anticipation of bonds in the amount of $205,000, dated June 6, 1989 (the 1989 Notes), were issued for the purpose stated in Section 1, to mature on June 6, 1990; and WHEREAS, this Council finds and determines that the City should retire t.he 1989 Notes with the proceeds of the Notes described in Section 3 and other funds available to the City; and WHEREAS, the Director of Finance as fiscal officer of this City has cer.tified to this Council that the estimated life or period of usefulness of each class of the improvements described in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is at least f3.ve years, and the maximum maturity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is June 6, 1999; NOW, THEREFORE, BE TT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Sect.i.on 1. It is necessary to issue bonds of this City in the aggregate principal amount of $200,000 (the Bonds) to pay costs of acquiring an emergency rescue vehicle and equipment, including turn out gear, air packs and tanks, radio equipment, hoses and nozzles, for use in carrying out functions of the Division of Fire of the Department of Public Safety. Section 2. The Bonds shall be dated approximately March 1, 1991, shall bear interest at the now estimated rate of 8% per year, payable semi- annually until the principal amount is paid, and are estimated to mature in five annual principal installments that are substantially equal. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $200,000 (the Alotes) shall be issued in anticipation of the issuance of the Bonds and to retire, together with other funds available to the City, the 1989 Notes. The Notes shall bear interest at a rate or rates not to exceed 9% per year (computed on a 360-day per year basis), payable at maturity or at any date of earlier prepayment as provided for in Section 4 of this ordinance and until the principal amount is