67-76 BAN - Construct Clifton Blvd Fire Station

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ORDINANCE NO. 67-76 By: Magnotto, McBride, Salmon, Sinagra, Usher, Brockman, Chinnock 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, this Council, pursuant to Ordinance No. 55-75, passed September 15, 1975, issued a note in the principal amount of $590,000 for the purpose hereinafter stated to mature one year from date, to wit: November 6, 1976, which note is about to mature; and WHEREAS, this Council has determined to retire said outstanding note with the proceeds of the issuance of new notes; 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 enable the City to preserve its credit by renewing the outstanding note at maturity; and 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 November 1, 1977, shall bear interest at the estimated rate of six and one-half per centum (6-I/2%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty-five substantially equal annual install- ments 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 payable at maturity at one or more rates not exceeding the maximum rate permitted by law, provided that such notes may bear one or more different rates not exceeding the maximum rate permitted by law after maturity and until the principal sum is paid; shall be in the denomination and numbered as the original purchaser thereof requests, shall be dated November 5, 1976 and shall mature on Friday, November 4, 1977, with an option in the City to redeem 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 faces 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 Director 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 or purchasers 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. '