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ORDINANCE NO. 1-76
<br />
<br />BY: Messrs. Brockman, Chinnock, Magnotto,
<br /> McBride, Salmon, Sinagra, Usher-
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of a note of the
<br />City 'of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose
<br />of paying costs of constructing and reconstructing storm and sanitary sewers to-
<br />gether with the necessary.appurtenances thereto.
<br />
<br /> W]{EREAS, th~s Council has heretofore requested the Director of Finance
<br />to issue his certificate as to the estimated life of the improvement and th~ maxi-
<br />mum maturity of the bonds hereinafter referred to and of the notes to be issued in
<br />anticipation of said bonds and the Director of Finance has certified to this Council
<br />such estimated life as at least five years and has further certified the maximum
<br />maturity of such bonds as forty years and of such notes issued in anticipation of
<br />said bonds as eight years, or one year if soid~privately; and
<br />
<br /> WHEREAS, there has heretofore been issued pursuant to Ordinance No.
<br />70-72, passed on November 20, 1972, a note in the principal amount of $500,000 to
<br />pay the costs of said improvements, which note matured and was renewed at manurity
<br />by the issuance of a note in the principal amoun~ of $500,000, dated January 11, 1974,
<br />issued pursuant to Ordinance No. 27-74, passed January 7, 1974, which note matured
<br />and was renewed in part at maturity by the issuance of a note in the principal, amount
<br />of $470,000, dated January 11, 1975, issued pursuant to Ordinance No. 4-75, passed
<br />January 6, 1975, and said note is about to mature; and
<br />
<br /> Wq{EREAS, there are now available moneys of the City to reduce said note
<br />in principal amount to $402,800 and this Council has determined to retire said out-
<br />standing note at maturity by the issuance of a new note in the principal amount of
<br />$402,800; and
<br />
<br /> WHEREAS, this Council by two-thirds vote of the members elected thereto
<br />determines that this ordinance is an emergency measure which is necessary for the
<br />immediate preservation of the public peace, property, health and safety and for the
<br />further reason that the immediate issuance and sale of the note herein authorized
<br />is necessary to enable the City to retire at maturity the outstanding note and
<br />thereby preserve the City's credit;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood,
<br />Cuyahoga Codnty, Ohio:
<br />
<br /> Section I. That is is hereby declared necessary to issue bonds of the
<br />City of Lakewood in the principal amount of $402,800 for t]~e purpose of paying
<br />costs of constructing and reconstructing storm and sanitary sewers together with
<br />the necessary appurtenances thereto.
<br />
<br /> Section 2. That said bonds shall be dated approximately Jant~ary ~,
<br />1977, shall bear interest at the estimated rate of six per centum (6%) per annum,
<br />payable semi-annually, ~until the principal sum is paid, and shall mature in fif-
<br />teen Substantially equal annual installments after their issuance.
<br />
<br /> Section 3. Tl~at it is hereby declared necessary and this Council hereby
<br />determines that a note in the principal amount of $402,800 shall be issued in
<br />anticipation of the issuance of said bonds.
<br />
<br /> Section 4. That such anticipatory note in the amount' aforesaid shall
<br />bear inter'est at the rate of four and thirty-five one-hundredths per centum (4.35%)
<br />per annum, payable at maturity. Such note shall be dated January 9, 1976 and shall-
<br />mature on January 7, 1977, with an option in the City to redeem such note prior to
<br />maturity if satisfactory to the original purchaser-of such note,
<br />
<br /> Section 5. That such note shall be execoted by the Mayor and Director
<br />of Finance and bear the seal of the corporation. It shall be payable at the office
<br />of the Director of Finance of the City of Lakewood, City Hall, Lakewood, Ohio,
<br />
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