82-125 Ordinance - Laserfiche WebLink

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r ? CITY OF NORTH OLMSTED ORDINANCE NO. : $ 2 -12 5 BY: Mr. Wilamosky AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN ANTICIPA- TION OF THE ISSUANCE OF BONDS TO PAY COSTS OF ACQUIRING AND INSTALLING TELEPHONE EQUIPMENT AND NECESSARY APPURTENANCES THERETO FOR USE BY THE CITY, AND DECLARING AN EMERGENCY. WHEREAS, this Council has requested that the Director of Finance, as fiscal officer, certify to this Council the estimated life of the equipment hereinafter mentioned, the maximum maturity of the bonds hereinafter referred to and the maximum maturity of any notes which may be issued in anticipation of said bonds, and the Director of Finance has certified that the estimated life of that equipment is at least five years, that the maximum maturity of those bonds is five years, and that the maximum maturity of the notes to be issued in anticipation of such bonds is ten years, if sold publicly, or one year if sold at private sale. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, State of Ohio: SECTION 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $90,000 to pay costs of acquiring and installing telephone equipment and necessary appurtenances thereto for use by the City. SECTION 2. That such bonds shall be dated approximately September 1, 1983, shall bear interest at the estimated rate of ten per centum (10y) per annum, payable semi-annually, until the principal sum is paid, and shall mature in five substantially equal annual installments after their issuance. SECTION 3. That it is necessary to issue and this Council hereby determines that notes in the aggregate principal amount of $90,000 shall be issued in anticipation of such bonds. Such anticipatory notes shall bear interest at a rate or rates not to exceed the maximum interest rate per annum determined by the Director of Finance, payable at maturity, with provision, if requested by the purchaser, that in the event of default in the payment of the principal of such notes at maturity, such notes shall bear interest at a different rate or rates, but not exceeding the maximum interest rate per annum determined by the Director of Finance, from the said maturity until the prin- cipal sum is paid. Such rate or rates shall be fixed by the Director of Finance in his certificate awarding the notes in accordance with Section 5 hereof. Such notes shall be dated the date of issuance, and shall mature on September 22, 1983, but, if agreed to by the purchaser thereof, shall be issued subject to prepayment prior to maturity at par and accrued interest, and shall be issued in such numbers and denominations as may be requested by the purchaser thereof. SECTION 4. That such notes shall be executed by the Mayor and Director of Finance, one of whose signatures may be a facsimile, and bear the seal of the corporation or a facsimile of such seal; shall bear such numbers as designated by the Director of Finance; shall be payable at the main office of National City Bank, Cleveland, Ohio, or, if the purchaser is another bank or trust company, at the principal office of the purchaser, without deduction for its services as the City`s paying agent; shall be payable in lawful money or, if requested by the purchaser, Federal Reserve funds of the United States of America; and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance.