88-65 BAN - expand sewage disposal plant

Home Browse Search

ORDINANCE NO. ~ .~ BM: ~,~ AN EMERGENCY ORDINANCE to provide for the issuance of a note of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of reconstructing and expanding the City's sewage disposal plant with necessary appurtenances thereto. WHEREAS~ at the regular election held on the 5th day of November, 1963~ on the proposition of issuing bonds of the City of Lakewood, 0hio, for the purpose hereinafter stated~ in the sum of $3,600~000~ and for levying taxes outside of the ten mill limitation to pay the interest and principal of such bonds~ the requisite m~jority of those voting upon the proposition voted in favor thereof; and WHEREAS~ Council has determined that the bonds so authorized by the elec- tors should be issued in one lot and that in order to facilitate prompt construc- tion of the improvements to be financed thereby, notes should forthwith be is- sued in anticipation of the issuance of such bonds; and note sued and WNEREAS, pursuant to Ordinance No. 87-63, passed November 11~ 1963, a in the principal amount of $3,600,000~ dated December 23~ 1963, was is- in anticipation of said bonds~ to mature on or before on~ year from date; note sued and WHEREAS~ pursuant to Ordinance No. 90-64, passed December 21~ 1964, a in the principal amount of $3~600~000~ dated December 2B, 1964~ was is- in anticipation of said bonds~ to mature on or before one year from date~ WHEREAS~ by reason of delay incompletion of construction~ it has proved impossible to issue the bonds anticipated by said note in order to retire the same;and WHEREAS, to preserve the credit of the City it is essential to issue a new note in anticipation of the issuance of bonds to retire such outstanding note; and WHEREAS~ Council has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the improvements and the maximum maturity of the bonds hereinafter referred to and of the notes to be issued in anticipation of said bonds, and the Director of Finance has certified to this Council such estimated life as exceeding five years and has further certified the maximum maturity of such bonds as forty years and of such notes as five years from the earliest date of issue of the original note~ or one year if sold privately; and WHEI~EAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure necessary for the pre- servation of the public peace~ health and safety of the City and its inhabitants and for the further reason that the issuance of said note is immediately neces- sary to provide funds to enable the City of Lakewood to retire its outstanding indebtedness and thereby preserve its credit; NOW~ THEREFORE~ BE IT ORDAINED by the Council of the City of L~kewood~ Cuyahoga County~ Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood~ voted as above recited~ in the principal sum of ~B~600~O00 for the purpose of reconstructing and expanding the City's sewage disposal plant with necessary appurtenances thereto.