82-041 Ordinance - Laserfiche WebLink

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?. -? ? CITY OF NORTH OLMSTED ORDINANCE NO. 8 2 - 41 BY: AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO PURCHASE LEAF VACUUMS AND OTHER RELATED EQUIPMENT FOR THE DEPARTMENT OF PUBLIC SERVICE, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 81-63 passed June 1, 1981, notes in anticipation of bonds in the aggregate principal amount of $110,000 dated June 23, 1981, were issued for the purpose hereinafter stated, which notes are to mature 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 WHEREAS, the Director of Finance as fiscal officer has certified to this Council that the estimated life of the 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 $110,000 for the purpose of providing funds to purchase leaf vacuums and other related equipment for the Department 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 E-1 to E-22, inclusive, and shall be dated June 1, 1982. The Bonds shall bear interest at the rate of sixteen per centum (16Y) 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 interest than that hereinbefore specified, then the Bonds shall 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: $20,000 on December 1 in each of the years from 1983 to 1985, inclusive and $25,000 on December 1 in each of the years 1986 and 1987; which maturities are hereby determined to be in substantially equal annual install- ments. 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 whose signatures may be a facsimile, and bear the seal of the City or a fac- simile of that seal. Interest coupons attached to the Bonds shall bear the facsimile signature of the Director of Finance. The Bonds shall be designated "Department of Public Service Leaf Equipment Bonds"; and shall be payable in Federal Reserve funds of the United States of America at the principal office of National City Bank, Cleveland, Ohio, without deduction for its services as the City's paying agent.