92-033 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. 92-33 BY: COUNCILMAN LIND AN ORDINATdCE PROVIDING FOR THN ISSUA[>ICE AND SALE OF $125,000 IJOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF ACQUIRING A MOTOR VFIIICLE FOR USE IN CARRYING OUT FUNCTIONS OF THE DEPARTMENT OF PUBLIC SERVICE, AND DECLARING AN EMERGENCY. WHEREAS, pursuant t.o Ordinance No. 91-86, passed June 18, 1991, notes in anticipation of bonds in the amount of $125,000 were isstied for the purpose stated in Section 1, as part of the City's $4,200,000 Various Purpose Notes, Second Series, dated Ju.ly 31, 1991, and maturing April 24, 1992 (t:he 1991 Nates); WHEREAS, this Council finds and determines that the City sliould retire the outstanding notes with ttie proceeds of the Notes described in Section 3; and 4zHERF.AS, the Di_r.ector of Finance as fiscal off.icer of this City has certi.fied to this Council that ttie estimated life or period of usefuLness of: the iinprovements described iii Section 1 is at least five years, ttie esLimated maximum matuc-ity of the Bonds d2scr.ibed in Section 1 is five years, and ttie maximum matu.r.ity of the Notes described in Section 3, to be issued in anticipation of the Bonds, is Jti1y 31, 2001; NOW, THFREFORE, BE IT ORDAINED by the Council vf ttie City of Nort.h Olmsted, Cuyahoga County, Ohio, that: Section 1. It is necessary to issue bonds of this City 9.n the aggre- gate principal amount of $125,000 (the Bonds) for ttie purpose of acqiii.r.-.ing a motor vehicle for use in carrying out functions of t.he Department of Publ.i.c Service. Section 2. The Bonds shall be dated approximately Apri.l 1, 1993, sliall bear interest at the now estimated rate of 8% per year, payable semi- annually unti.l the principal amount is paid, and are est_imated to mature in five annual principal installments that are substantially Pqual. Section 3. It is necessary to issue and this Council determines that not:es in ttie aggregate pri.ncipal amount of $125,000 (the Notes) sha1J. be i.ssued In ariticipati.on of tiie issuance of ttie Bonds and to retire t.lir 1991 Not.es. The Notes shall bear interest at a rate or rates not t:o exceed 7% per year (computed on a 360-day per year basis), payable at maturity or at a.riy dat.e of earlier prepayment as provided Lor in Section 4 vf this ord.inanc:e and unti.l the principal amount is paid or payment is provided f.or. If recitiested by the original ptxrchaser., the Notes may provide tha1., in ttle everit ttie Cily does not pay or make provision for payment at maturity of the debt charges on