82-040 Ordinance - Laserfiche WebLink

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? t CITY OF NORTH OLMSTED ORDINANCE N0. $2-40 BY: AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO PURCHASE MOTORIZED VEHICLES AND EQUIPMENT FOR THE DEPARTMENT OF PUBLIC SERVICE, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 79-76 passed July 3, 1979, notes in anticipation of bonds in the aggregate principal amount of $160,000, dated July 24, 1979, were issued for the purpose hereinafter stated, which notes were retired at maturity with the proceeds of $160,000 notes dated July 24, 1980, issued in anticipation of bonds pursuant to Ordinance No. 80-74 passed July 2, 1980, which notes were also retired at maturity with funds available to the City and the proceeds of $150,000 notes dated June 5, 1981, issued in anticipation of bonds pursuant to Ordinance No. 81-53, passed May 5, 1981, which notes are to ma.ture on June 3, 1982; and WHEREAS, this Council hereby finds and determines it to be in the best interest of the City to retire at maturity the outstanding notes with the proceeds of the bonds herein authorized and other funds available to the City; and WHEREAS, the Director of Fina.nce as fiscal officer has certified to this Council that the estimated life of the vehicles and equipment hereinafter described is at least five years and has further certified that the maximum maturity of the bonds hereinafter referred to is five years. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, State of Ohio, that: SECTION 1. It is deemed necessary to issue bonds (the Bonds) of the City of North Olmsted, Ohio, in the principal sum of $120,000 for the purpose of providing funds to purchase motorized vehicles and equipment for the De- partment of Public Service; that the Bonds shall be issued as one lot; and that notes have been issued in anticipation of the Bonds. SECTION 2. The Bonds shall be issued in the denomination of $5,000 each, shall be numbered from D-1 to D-24, inclusive, and shall be dated June 1, 1982. The Bonds shall bear interest at the rate of sixteen per centum (16%) per annum, payable December 1, 1982, and semi-annually thereafter on the first days of June and December of each year until the principal sum is paid; provided, however, that if the Bonds are sold bearing a different rate of in- terest than that hereinbefore specified, then the Bonds sha ll bear that rate of interest provided in the resolution or ordinance of Council approving the award of the Bonds. The Bonds shall mature in their consecutive serial order as follows: $30,000 on December 1 in each of the years from 1983 to 1986, in- clusive; which maturities are hereby determined to be in substantially equal annual installments. SECTION 3. The Bonds shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. The Bonds shall be executed by the Mayor and the Director of Finance, one of