02-74 BAN - storm & sanitary sewers

Home Browse Search

ORDINANCE NO. 2-74 Messrs. Usher, Brockman Chinnock, Graber, Magno BY: McBride, Sinagra AN EMERGENCY ORDINANCE. to provide for the issuance of a note of the City of Lakewood, Ohio, in Enticipation of the issuance of bonds for the purpose of paying costs of constructing and reconstructing storm and sanitary sewers together with the necessary appurtenances thereto. WHEREAS, this Council has heretofore requested the Director of Finance to issue his certificate as to the .estimated life of the improve- ment and the maximum maturity of the bonds"hereinafter referred to and of the notes to be issued in anticipation of Raid bonds and the Director of Finance has certified to this Council such estimated life as exceeding five years and has further certified the mm, ximum maturity of such bonds as forty years and of such notes as five years from January 11, 1973, or one year if sold privately; and WHEREAS, there has heretofore been issued pursuant to Ordinance No. 70-72 passed on November 20, 1972 a note in the amount of $500,000 to pay the costs of said improvements which note will mature on January 11, 1974; 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 preservation of the public peace, property, health and safety and for the further reason that the immediate issuance and sale of the note herein authorized is necessary to enable the City to retire at maturity the outstanding note and thereby preserve the City's credit; NOW, 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 $500,000 for the purpose of paying costs of constructing andreconstructing storm and sanitary sewers together with the necessary appurtenances thereto. Section 2. That said bonds shalI be dated approximately Decem- ber 1, 1974, shall bear interest at the estimated rate of six per centum (6%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in fifteen substantially equal annual installments after their issuance. Section 3. That it is necessary and this Council hereby deter- mines that a note in the principal amount of $500,000 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 four and sixty one-hundredths per centum (4.60%) per annum, payable at maturity. Such note shall be dated as of January 11, 1974 and shall mature on or before-.~ne 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 Lakewood, City Hall, 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 notes shall first be offered to the Director of Finance as officer in charge of the Bond Retirement Fund, and if not taken by said fund shallbe and is hereby awarded and sold to The Cleve- land Trust Company, Cleveland, Ohio, at par and accrued interest, and