92-093 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. 92-93 BY: Councilman Lind AN ORDINANCE PROVIDING FOR TfiE ISSUANCE AND SALE OF $500,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY COSTS OF ACQUIRING MOTOR VEfiICLES AND EQUIPMENT FOR USE IN CARRYING OUT FUNCTIONS OF THE DEPARTMENT OF PUBLIC SERVICE, AND DECLARING AN EMERGENCY. WHFREAS, pilrsuant to Ordinance No. 90-37, passed April 17, 1990, notes in ant.icipation of bonds in the amount of $500,000, dated June 5, 1990 were issued for the purpose stated in Section 1; which notes were retired ai; maturity wit.h the proceeds of $500,000 notes dated March 5, 1991, issued in anticipation of bonds for the purpose stated in Section 1, pursuant to Ordinance No. 91-20, passed February 6, 1991; which notes were retired at mai:urity with the proceeds of $500,000 notes dated December. 4, 1991, issued in antic.ipation of bonds for the purpose stated in Section 1, pursuant to Ordinance No. 91-163, passed November 6, 1991 (the 1991 Notes), which 1991 Notes are to mature on September 4, 1992; and WHN,RF'AS, this Council finds and deter.mines that the City should retire tlie 1991 Notes with t.he proceeds of the Notes described in Section 3; and WHERFAS, the Director of Finance as fiscal officer of this City Yias certified to this Council that the estimated life or period of usefulness of each class of the impr.ovements described in Section 1 is at least five years, the estimai:ed maximum maturity of the Bonds described in Secti.an 1 is five years, and the maximum maturity of the Notes described in Section 3, to be issued i.n anticipation of t.he Bonds, is June 5, 2000; NOW, THFREFORE, BE IT ORDAINED by the Council of the City of Noi•th O.l.msted, Cuyahoga County, Ohio, that: Sect.ion 1. It is necessary to issue bonds of this City in the aggre- gat.e pri.ncipal amount of $500,000 (the Bonds) to pay costs of acquiring motor vehicles and equipment for use in carrying out functions of the Department of Public Service. Section 2. The Bonds shall be dated approximately December 11 1992, slaall bear iriterest 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 tliat are substantially eyual. The first principal installment is estimated to be December 1, 1993. Section 3. It is necessary to issue and this Council determines t.hat notes in the aggregate principal amount of $500,000 (the tlotes) shall be issued in anticipation of the issuance of the Bonds and to retire the 1991