90-059 Ordinance - Laserfiche WebLink

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? . , AO**,, :?r.- ``???` CITY OF NORTH OLMSTED ORDINANCE N0. 90- 59 BY: RONALD TALLON AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF A $100,000 NOTE, IN ANTICI:PATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING A MOTOR VEHICLE AND RELATED EQUIPMENT FOR THE DEPARTMENT OF PUBLIC SERVICE, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 89-61, passed July 7, 1989, notes in anticipation of bonds in the amount of $100,000, dated August 10, 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 ret.ire the 1989 Notes with the proceeds of the Note described in Section 3; and 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 vehicle and equipment descr.ibed in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in Section 1 is five years, and the maximum maturity of the Note described in Section 3, to be issued in anticipation of the Bonds, is August 10, 1999; NOW, THEREFORF, I3E IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City in the aggregate principal amount of $100,000 (the Bonds) for the purpose of acquiring a motor vehicle and related equipment for the Department of Public Service. Section 2. The Bonds shall be dated approximately March 1, 1991, sha11 bea.r interest at the now estimRted 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 a note in t.he principal amount of $100,000 (the Note) shall be issued in anticipation of the issuance of the Bonds and to retire the 1989 Notes. The Note 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 paid or payment is provided for. If requested by the original purchaser, the Note may provide that, in the event the City does not pay or make provision for payment at maturity of the debt charges on the Note, the prlncipal amount of the Note shall bear interest at a different rate or rates not to exceed 13% per year from the maturity date until the City pays or