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<br />
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. g 2_ g g
<br />BY:
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS FOR THE
<br />PURPOSE OF PROVIDING FUNDS TO PURCHASE TWO AMBULANCES AND A
<br />FIRE PUMPER FOR THE DN ISION OF FIRE OF THE DEPARTMENT OF
<br />PUBLIC SAFETY, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 76-105 passed September 7, 1976,
<br />notes in anticipation of bonds in the aggregate principal amount of $175,000,
<br />dated October 12, 1976, were issued for the purpose hereinafter stated, which
<br />notes were retired at maturity with the proceeds of $175,000 notes dated
<br />October 12, 1977, issued in anticipation of bonds pursuant to Ordinance No.
<br />77-146 passed October 4, 1977, which notes were retired at maturity with funds
<br />available to the City and the proceeds of $150,000 notes dated October 12,
<br />1978, issued in anticipation of bonds pursuant to Ordinance No. 78-109, passed
<br />October 3, 1978, which notes were retired at maturity with funds available to
<br />the City and the proceeds of $125,000 notes dated October 12, 1979, issued in
<br />anticipation of bonds pursuant to Ordinance No. 79-115, passed October 2,
<br />1979, which notes were retired at maturity with funds available to the City
<br />and the proceeds of a$100,000 note dated June 6, 1980, issued in anticipation
<br />of bonds pursuant to Ordinance No. 80-57, passed May 6, 1980, which note was
<br />also retired at maturity with funds available to the City and the proceeds of
<br />$90,000 notes dated June 5, 1981, issued in anticipation of bonds pursuant to
<br />Ordinance No. 81-52, passed May 5, 1981, which notes are to mature on June 3,
<br />1982; and
<br />WHEREAS this Council hereby finds and determines it to be in the best
<br />interest of the City to retire at maturity the outstanding notes with the pro-
<br />ceeds of the bonds herein authorized and other funds available to the City;
<br />and
<br />WHEREAS, the Director of Finance as fiscal officer has certified to
<br />this Council that the estimated life of the equipment hereinafter described is
<br />at least five years and has further certified that the maximum maturity of the
<br />bonds hereinafter referred to is nine years.
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga. County, State of Ohio, that:
<br />SECTION 1. It is deemed necessary to issue bonds (the Bonds) of the
<br />City of North Olmsted, Ohio, in the principal sum of $75,000 for the purpose
<br />of providing funds to purchase two ambulances and a fire pumper for the Div-
<br />ision of Fire of the Department of Public Safety; that the Bonds shall be
<br />issued as one lot; and that notes have been issued in anticipation of the
<br />Bonds.
<br />SECTION 2. The Bonds shall be issued in the denomination of $5,000
<br />each, shall be numbered from B-1 to B-15, inclusive, and shall be dated June
<br />1, 1982. The Bonds shall bear interest at the rate of sixteen per centum
<br />(16Y) per annum, payable December 1, 1982, and semi-annually thereafter on the
<br />first days of June and December of each year until the principal sum is paid;
<br />provided, however, that if the Bonds are sold bearing a different rate of in-
<br />terest than that hereinbefore specified, then the Bonds shall bear that rate
<br />of interest provided in the resolution or ordinance of Council approving the
<br />award of the Bonds. The Bonds shall mature in their consecutive serial order
<br />as follows: $15,000 on December 1 in each of the years from 1983 to 1987,
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