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<br />
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 92- 119
<br />BY: COUNCILMAN _LEONARD
<br />AN ORDINANCE PROVIDING FOR
<br />BONDS IN THE MAXIMUM AGG]
<br />$512,000 TO PAY COSTS OF
<br />AND EQUIPMENT FOR USE IN
<br />THE DEPARTMENT OF PUBLIC
<br />EMERGENCY.
<br />THE ISSUANCE AND SALE OF
<br />IEGATE PRINCIPAL AMOUNT OF
<br />ACQUIRING MOTOR VEHICLES
<br />CARRYING OUT FUNCTIONS OF
<br />SERVICE, AND DECLARING AN
<br />WHEREAS, pursuant to Ordinance No. 90-37, passed April 17, 1990,
<br />notes in anticipation of bonds in the amount of $500,000, dated June 5, 1990
<br />were issued for the purpose stated in Section 1; which notes were retired at
<br />maturity with the proceeds of $500,000 notes issued in anticipation of bonds
<br />for the purpose stated in Section 1, pursuant to Ordinance No. 91-20, passed
<br />February 6, 1991, as part of the City's $3,040,000 Various Purpose Notes,
<br />dated March 5, 1991; whi.ch notes were retired at maturity with the proceeds of
<br />$500,000 notes issued in anticipation of bonds for the purpose stated in
<br />Section 1, pursuant to Ordinance No. 91-163, passed November 6, 1991, as part
<br />of the City's $2,940,000 Various Purpose Notes, Series 1991, dated December
<br />4, 1991 and to mature on September 4, 1992; and
<br />WHEREAS, pursuant to an ordinance adopted August 18, 1992, notes in
<br />anticipation of bonds in the amount of $500,000 (the 1992 Notes) are to be
<br />issued for the purpose stated in Section 1 as part of the City's $3,990,000
<br />Various Purpose Notes, Third Series, to be dated August 27, 1992 and to mature
<br />on December 18, 1992; and
<br />WfiEREAS, this Council finds and determines that the City should
<br />retire the 1992 Notes with the proceeds of the Bonds described in Section 1
<br />and provide up to an additional $12,000 to pay costs of issuance of the Bonds
<br />dsscribed in Section 1; and
<br />WHERF.AS, the Director of Finance as fiscal officer of this City has
<br />certified to this Council that the estimated life or period of use£ulness of
<br />the improvement described in Section 1 is at least five years and the maximum
<br />maturity of the bonds described in Section 1 is five years;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessarq to issue bonds of this City in the
<br />maximum aggregate principal amount of_ $512,000 (the Bonds) to pay costs of
<br />acquiring motor vehicles and equipment for use in carrying out functions of
<br />the Department of Public Service.
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