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? <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 92-40 <br />BY: <br />COUNCILMAN LIND <br />AN ORDINANCE AMENDING SECTION 4 OF ORDINANCE N0. <br />92-32 PROVIDING FOR THE ISSUANCE AND SALE OF <br />$1,775,000 NOTES, IN ANTICIPATION OF THE ISSUANCE <br />OF BONDS, FOR THE PURPOSE OF IMPROVING THE <br />MUNICIPAL SANITARY SEWER SYSTEM BY CONSTRUCTTNG, <br />RECONSTRUCTING, REHABILITATING AND REPLACING <br />SANITARY SEWERS AND SANITARY SEWER CONNECTIONS AND <br />BY IMPROVING AND EQUIPPING THE WASTEWATER TREATMENT <br />PLANT, TOGETHER WITH THE NECESSARY APPURTENANCES <br />AND WORK INCIDENTAL THERETO, AND DECLARING AN <br />EMERGENCY. <br />BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga <br />County, Ohio, that: <br />Section 1. Section 4 of Ordinance No. 92-32 passed on April 7, 1992 <br />shall be amended to provide that the Notes shall mature on December 18, 1992 <br />instead of December 20, 1992, and shall read as follows: <br />"Section 4. The debt charges on the Notes shall be <br />payable in lawful money of the United Stat.es of America, or <br />in Federal Reserve funds of the United States of America if <br />so requested by the original purchaser, and shall be payable, <br />without deduction for services of the City's paying agent, at <br />the nGain off.ice of National City Bank, Cleveland, Ohio, or at <br />t,he principal office of a bank or trust company requested by <br />ttie original purchaser of the Notes, provided that such <br />request shall be approved by the Director of Fi.nance after <br />determining that the payment at that bank or trust company <br />wi11 not endar.ger the funds or securities of the City and <br />that proper procedures and safeguards are available for that <br />puipose (the Paying Agent). The Notes shall be dated the <br />date of issuance and shall mature December 18, 1992. If <br />agreed to by the original purchaser, the Notes shall be <br />prepayable without penalty or premium at the option of the <br />City at any time prior to maturity as provided in this <br />ordinance. Prepayment prior to maturity shall be made by <br />deposit with the Paying Agent of the principal amount of the <br />Notes together with interest accrued thereon to the date of <br />prepayment. The City's right of prepayment shal.l be <br />exercised by mailing a notice of prepayment, stat9.ng the date <br />of grepayment and the name and address of the Paying Agent, <br />by certified or registered mail to the original purchaser of <br />the Notes not less than seven days prior to the date of tliat <br />deposit, unless that notice is waived by the original