69-69 BAN - Robinwood storm sewer

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ORDINANCE NO. 69-69 BY: Messrs. Kelley, Usher, Ward, Wendling, Gaydos, Graber, Huffman AN EMERGENCY ORDINANCE to provide for the issuance of a note of tke City of Lakewood, Ohio, in anticipation of the issuance of bonds to pay tko costs of replacing and reconstructing a portion of the Robinwood Avenue storm sewer. %~{EREAS~ this Council has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the impro'zeT, en5 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 cf 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 cf such note as five years, or one year if sold privately; and WHE~S, this Council by two-thirds vote of the members elected thereto deter~.~ines that this ordinance is an emergency measure which is neces- sary for the immediate issuance and sale of the note herein authorized to enable the City to meet the construction contracts to provide the improvements described herein which are urgently required in order to protect the kealth and property of the nearby residents of the City; NOW, THEREFOF~E, BE IT ORDAINED by the Council of the City of Lakewocd, .Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds cf the City of Lakewood in the principal sum of $42,000 for the purpose of paying the costs of replacing and reconstructing a portion of the Robinwood Avenue storm sewer between Franklin Boulevard and Detroit Avenue. Section 2. That said bonds shall be dated approximately October l, 1970, shall bear interest at the estimated rate of six and one-half per centum (6-1/~) per annum, payable semi-annually, until the principal sum is paid, and shall mature in forty substantially equal annual installments after their issuance. Section 3. That it is necessary and this Council hereby determines that a note in the principal amount of $42,000 shall be issued in anticipation of the issuance of said bonds. Section 4. That such anticipatory note in the amount aforesaid sh~l] bear interest at the rate of six and one-quarter per centum (6-1/4 5) 'per annum, such interest to be payable at maturity, Such note shall be dated as of the date of issuance and shall mature on or before one year from said date. Section 5. That such note shall be executed by the ~,~yor and Director of Finance and bear the seal of the corporation. It shall be payable at the office of the Director of Finance of the City of Lakewood, City Hall, Lake~'ood, Ohio, and shall express upon its face the purpose for which it is issued and that it is issued pursuan~ to this ordinance. Section 6. Said note shall be first offered to the Director of Finance as officer in charge of the Bond Retirement Fund, and if not taken by said fund shall be and hereby is awarded and sold to Society National Bank of Cleveland, Cleveland, Ohio, at par and accrued interest, and the proceeds from such note, except any premium and