74-71 BAN - Robinwood storm sewer

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OI1DINANCE N0. 74-71 BY: Messrs. Gaydos, Graber, Huffman, Kelley, Usher, Ward, Wendling AN EMERGENCY ORDINANCE to provide for the issuance of a~l'note of the City of Lakewood, Ohio, in'anticipation of the issuance of bonds to pay the costs of replacing and reconstructing a portion of the Robinwood Avenue st.orm sewer ~ WHEREAS, this Council has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the improvemenl~- 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 note as five years from November 17~ 1969~ or one year if sold privately; and WHEREAS, the City has heretofore authorized, sold and delivered its note in the principal amount of $33~600 for the purpose hereinafter stated, which note will mature on November 17~ 1971; and WHEREAS, there is now available the sLnu of $12~600 to retire a portion of the principal of such maturing note; 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 note herein authorized to enable the City to retire the outstanding note of the City which is about to mature and thereby preserve the credit of the City; NOW, THEREFORE, BE IT ORDA.~D bY the Council of the City of Lakewood, Cuyahdga County~ Qhio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal sum. of $21~000 for the purpose of paying the costs of replacing and reconstructing a portion of the Robinwood A~enue storm sewer between Franklin Boulevard and Detroit Avenue. Section 2. That said bonds shall be dated approximately November l~ 1972, shall bear interest at the estimated rate of six and one-half per centum (6-1/2%) 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 determineJ that a note in the principal' amount 'of $21~000 shall be issued in anticipation of the issuance of said bonds. Section 4. That such anticipatory note in the amount aforesaid shall bear interest at the rate of two and nine-tenths per centum (2.90%) per annum~ such interest to be payable at maturity. Such note shall be dated November 1.7~ 1971, and shall mature on or before one year from said date. Section 5. That such note shall be executed by the Mayor 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 L~ewood~ City Lakewood~ Ohio, and shall express upon its face the purpose for which it is issued and that it is issued pursuant 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 i~eby is awarde~d and sold to Union C~mmerce Bank, C1 veland, On~o, at par a~accrued interco't, and the proceeds from such note, except any premiuna, and a~crued interest thercon~ shall be paid into thc proper