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<br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. <br /> . <br />By <br /> <br />AN ORDINANCE AUTHORIZTNG THE TSSUANCE 0F RENEWAL <br />NOTES IN ANTICIPATTON OF THE ISSUANCE 0F BONDS <br />FOR THE PURPOSE OF PROVID?NG FUNDS TO PURCHASE <br />TWO AMBULANCES AND A FIRE PIJMPER FOR THE DTVISION <br />OF FIRE OF THE DEPARTMENT OF PUBLTC SAFETY, AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, there is now outstanding an issue of $175,000 Fire <br />Department Equipment Notes, dated October 12, 1977, maturing October 12, <br />1978, issued pursuant to Ordinance No. 77-146, passed October 4, 1977, <br />which notes constitute the renewal of the original $175,000 notes dated <br />October 12, 1976 which were issued for the purpose hereinafter set forth; <br />and <br />WHEREAS, there is available the sum of $25,000 which Council has <br />determined to apply against the principal amount of the outstanding notes, <br />and Council has further determined to issue the notes herein authorized to <br />provide the remaining funds necessary to retire the outstanding notes at their <br />maturity; and <br />WHEREAS, the fiscal officer has certified to the maximum maturity <br />of the bonds anticipated and to the notes herein authorized; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North <br />Olmsted, Cuyahoga County, Ohio: <br />Section l. That it is hereby declared necessary to issue bonds of <br />the City of North Olmsted in the principal sum of $150,000 for the purpose <br />of providing funds to purchase two ambulances and a fire pumper for the <br />Division of Fire of the Department of Public Safety. <br />Section 2. That said honds shall be dated approximately October 1, <br />1979, shall bear interest at the estimated rate of six and one-half per centum <br />(6-1/2%) per annum, payable semi-annually, unttl the principal sum is paid, <br />and shall ma.ture in ten substantially equal annual installments after their <br />issuance. <br />Section 3. That for the purpose of raising money in anticipation <br />of the issuance of the aforesaid bonds and to provide funds for the retirement <br />of the aforesaid outstanding notes, it is hereby declared necessary to issue <br />and there shall be issued notes of said City in the principal amount of $150,000. <br />Section 4. That such anticipatory notes in the amount aforesaid shall <br />bear interest at such rate not exceeding eight per centum (8%) per annum, payable <br />at maturity, with provision, if requested by the purchaser, that in the event of <br />default in the payment of principal of such notes at maturity, the same shall <br />bear interest at a rate not exceeding eight per centum (8%) per annum, as may be <br />fixed by the Director of Finance in his award of said notes at private sale. <br />Such notes shall be dated October 12, 1978, shall mature on October 12, 1979, <br />and shall be in such denominations as may be requested by the purchaser. <br />Section 5. Such notes shall be signed by the Mayor and Director of <br />Finance and bear the seal of the corporation. They shall be payable in Federal <br />Reserve funds of the United States of America at the main office of National City <br />Bank, Cleveland, Ohio, and shall express upon their faces the purpose for which <br />they are issued and that they are issued pursuant to this ordinance.