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<br />CITY OF NORTH OLMSTED <br />ORDINANCE NO.: 82- 36 <br />BY : <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN <br />ANTICIPATION OF THE ISSUANCE OF BONDS TO PROVIDE <br />FUNDS TO PURCHASE MOTORIZED VEHICLES FOR THE DEPART- <br />MENT OF PUBLIC SERVICE, AND DECLARING AN EMERGENCY. <br />WHEREAS, the Director of Finance as fiscal off icer has certified <br />to this Council that the estimated life of the motorized vehicles hereinafter <br />mentioned is at least five years, and that the maximlmm maturity of the bonds <br />hereinafter referred to is f ive years, and the maximum maturity of the notes <br />hereinafter referred to, to be issued in anticipation of said bonds is eight <br />years if sold publicly, or one year if sold privately. <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North <br />Olmsted, Cuyahoga County, State of Ohio: <br />SECTION 1. That it is hereby declared necessary to issue bonds of <br />the City of North Olmsted in the aggregate principal sum of $35,000 to provide <br />funds to purchase motorized vehicles for the Department of Public Service. <br />SECTION 2. That such bonds shall be dated approximately April 1, <br />1983, shall bear interest at the estimated rate of twelve per centum (12%) <br />per annum, payable semi-annually, until the principal sum is paid, and shall <br />mature in f ive substantially equal annual installments after their issuance. <br />SECTION 3. That it is necessary to issue and this Council hereby <br />determines that notes in the aggregate principal amount of $35,000 shall be <br />issued in anticipation of such bonds. Such anticipatory notes shall bear <br />interest at the rate of nine and three-quarters per centum (9-3/4%) per <br />annum, payable at maturity. Such notes shall be dated the date of issu=. <br />ance, shall mature one year from the date of issuance, and shall be issued in <br />such numbers and denominations as may be requested by the purchaser of the <br />notes, provided the entire principal amount may be represented by a single <br />note. <br />SECTION 4. That such notes shall be executed by the Mayor and <br />Director of Finance, one of whose signatures may be a facsimile, and bear <br />the seal of the corporation; shall bear such numbers as designated by the <br />Director of Finance; shall be payable at the office of the Director of <br />Finance of the City of North Olmsted, Ohio; shall be payable in lawful <br />money of the United States of America; and shall express upon their faces <br />the purpose for which they are issued and that they are issued pursuant <br />to this ordinance. <br />SECTION 5. That such notes shall be first offered at par and <br />accrued interest to the Director of Finance as the officer in charge of <br />the Bond Retirement Fund of the City and so many of the same as shall not <br />be taken for the Bond Retirement Fund shall be offered to the Treasury <br />Investment Account for purchase, and so may of the same as shall not be <br />taken for the Bond Retirement Fund or the Treasury Investment Account <br />shall be sold by the Director of Finance in the manner provided by law.