|
,,
<br />ORDINANCE No. 92- 96
<br />BY: Councilman Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF
<br />$200,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS,
<br />TO PAY COSTS OF ACQUIRING AN EMERGfNCY RESCUE VFHICLE AND
<br />EQUIPMENT, INCLUDING TURN OUT GEAk, AIR PACKS AND TANKS,
<br />RADIO EQUIPMENT, HOSES ANn NOZZTES, FOR USE IN CARRYING
<br />UUT FUNCTIONS OF THE DIVISION OF FIRE OF 'PHE DEPARTMENT
<br />OF PUBLIC SAFETY, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuan.t t.o Ordinance No. 89-29, passed April 19, 19 9,
<br />notes in anticipation of botids in the amount of $205,000, dated June 6, 19 9,
<br />were issued for the purpose stated in Section 1; wtiich notes were ret.ired at
<br />maturity with funds available to the City and the prviceeds of $200,000 no es
<br />dated June 5, 1990, issued in anticipation of bonds pursuant to Or.di.nance o.
<br />40-62, passed May 15, 1990; which notes were retired at maturity with he
<br />proceeds of $200,000 notes dated March 5, 1991, issued in anticipation of
<br />bonds for tlie purpose stat.ed in Section 1, pursuant ta Ordinance No. 91- 3,
<br />passed Fehruary 6, 1991; which notes were retired at maturity wit:h he
<br />proceeds of $200,000 notes dated December 4, 1991, issued in antir_ipation of
<br />bonds for the purpose stated in Section 1, pursuant to Ordinance No. 91-1 6,
<br />passed November 6, 1991 (the 1991 Notes), which 1991 Notes are to mature on
<br />September 4, 1992; and
<br />WfII:REAS, this Council f.inds and determines that the City sho ld
<br />retire the 1991 Notes with the proceeds of the Notes described in Section 3;
<br />and
<br />WITEREAS, the Director of Fi.nance as fiscal officer of this C9.ty has
<br />certified to ttiis Counci]. that the estimated life or period of usefulness of
<br />each class of the improvements described in Section 1 i.s at least five years,
<br />t.he estimated maximum maturity of the Bonds described in Section 1 is at least.
<br />Eive years, and t:he maximum maturity of ttie Notes described in Section 3, to
<br />be issued in anticipation of the Bonds, is June 6, 1999;
<br />NOW, THI'REFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the
<br />aggregate principa.l amount of $200,000 (the Borids) to pay costs of acquir.ing
<br />an emergency r.escue vehicle and equipment, including turn out gear, air packs
<br />and tanks, radio equipment, hoses and nozzles, for kise in carrying out
<br />functions of tlie Division of Fire of the Department of Public Safety.
<br />Section 2. TYie Bands shal_.1 be dated approxiniately December 1, 1992,
<br />shall bear interest at the now estimated rate of 8% per year, payable semi-
<br />annually until the principal amount is paid, and are estimated to mature in
<br />five annual principal installments that are silbstant.ially eyual. The first
<br />principaJ installment is estimated to be December 1, 1993.
|