55-75 BAN - Construct Clifton Blvd Fire Station

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ORDINANCE NO. 55-75 by: Messrs. Magnotto, McBride, Sinagra, Usher, Brockman, Chinnock, Graber AN EMERGENCY ORDINANCE to provide for the issuance of notes of the City'of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of paying costs of constructing the CliftOn Boulevard Fire Station. WHEREAS, the Director of Finance has certified the estimated life of the improvement hereinafter mentioned is at least five years and has further certified the maximum maturity of the hereinafter mentioned bonds is twenty-five years and that the maximum maturity of notes issued in anticipation of said bonds is eight years, or one year if sold pri- vately; 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 notes herein authorized is necessary to provide the facil- ities which will protect the residents of the City from the dangers of fire by providing additional fire-fighting facilities; 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 amount of $590,000 for the pur- pose of paying costs of constructing the Clifton Boulevard Fire Station. Section 2. That said bonds shall be dated approximately Septem- ber 1, 1976, 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 twenty-five substantially equal annual installments after their issuance. Section 3. That it is necessary and this Council hereby deter- mines that notes in the principal amount of $590,000 shall be issued in anticipation of the issuance of said bonds. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest a rate not to exceed eight per centum (8%) per annum, payable at maturity, provided that such notes may bear a different interest rate after maturity, shall be in the denomination and numbered as deter- mined by the Director of Finance, shall be dated as of the date of issuance and shall mature one year from such date, with an option in the City to re- deem such notes prior to maturity if satisfactory to the original purchaser of such notes. Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable at the office of the Director of Finance, City Hall, Lakewood, Ohio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of said notes by the Direc- tor of Finance for investment in the Bond Retirement Fund, said notes shall be sold at the par value thereof by the Director of Finance at an interest rate or rates not exceeding that specified in Section 4 of this ordinance and in accordance with the best interests and welfare of the City; and the Director of Finance is hereby authorized and directed to deliver said notes, when executed, to the original purchaser thereof upon payment of the purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued under the provisions of this ordinance. The City hereby covenants that it will restrict the use of the proceeds of the notes in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the