63-68 BAN - Replace & rehab equip for rec facilities

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Messrs. Huffman, Kelley, ORDINANCE NO. 63-68 Usher:, ~, Wendling, Gaydos, Graber AM EMERGENCY ORDINANCE to provide for the issuance of nct~s~of.° the City of Lakewood, ~hio~ in anticipation of the issuance of bonds to pay the costs of replacing and rehabilitating equipment for recreational facilities. WF~REAS~ this Council has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the improve- meut 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 ten years and of such not~ as September l~ 1969~ or one year if sold privately; and WHEREAS, there is now available from revenues $10,000 which is to be applied to the retirement of the outstanding $20,000 note dated July 27~ 1967~ and WHEREAS~ this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the immediate issuance and sale of the not~ herein authorized to enable the City to pay and retire the outstanding note which will mature on July 27, 1968~ thereby preserving its credit; NCW~ THEREFORE~ BE IT ORDAINED by the Council of the City of Lakewood~ Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal sum of $10~000 for the purpose of paying the costs of replacing and rehabilitating equipment for recreational facilities. Section 2. That said bonds shall 'be dated approximately July l, 1969~ shall bear interest at the estimated rate of four per centum (4%) per anmum~ payable semi-annually, until the principal sum is paid~ and shall mature in ten substantially equal annual installments after their issuance. Section 3. That it is necessary and this Council hereby determines that notas~ in the principal amount of $10,000 shall be issued in antici- pation of the issuance of said bonds~ and to the extent necessary to pay and retire the outstanding note of the City dated July 27~ 1967. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at a rate not to exceed four per centum (4%) per annum~ such interest to be payable at maturity. Such note~shall be dated July 1968~ and shall matureon July 25, 1969~ and shall be issued in such number and denomination as requested by the purchaser. Section 5. That such notes shall be executed by the Mmyor and Director of Finance and bear the seal of the corporation~ shall be payable at the office of the Director of Finance, City Hall~ Lakewood, Ohio, and shall express upon their faces 'the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. That subject to the rejection of said notes by the Director of Finance for investment in the Bond Retirement Fund, said notes shall be sold by the Director of Finance at private sale at an interest rate not exceeding that set forth in Section 4 hereof and at no~less than the par value thereof; and the Director of Finance is hereby authorized and directed to'deliver said notes, when executed, to the purchasers upon payment of the purchase price. The proceeds from such notes~ except any premium and accrued interest thereon~ shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose~ and for which purpose said money is hereby appropriated. Any premium and accrued interest shall be transferred to the Bond Retirement Fund to be applied in the payment of principal and interest of said notes in the manner provided by law.