41-77 BAN - Air pollution control equip for incinerator

Home Browse Search

ORDINANCE NO. 41 -77 BY: Messrs. Brockman, Chi McBride, Salmon, Sin~ Usher 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 pur- pose of acquiring and installing air pollution control 'equipment for the City's incinerator. WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council the estimated life of the improvement hereinafter mentioned as at least five years and has further certified the maximum maturity of such bonds as twenty years and of such notes as eight years from the date of original issue, or one year if sold privately; and WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is nec- essary for the ~mediate 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 required to enable the City to enter the construction contracts to provide the improvements described herein which are necessary to meet'the air contaminant standards established by the State of Ohio compliance with which is urgently required in order to protect the health and property of the nearby residents of the City; WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is nec- essary for the i~mnediate 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; NOW, THEREFORE., BE IT ORDAINED by the Council of the City of Lake- wood, Cuyahoga County, Ohio: Section I. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal sum of $150,000 for the purpose of acquiring and installing air pollution control equipment for the City's incinerator. Section 2. That said bonds shall be dated approximately August 1, 1978, 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 substantially equal annual installments after their issuance. Section 3. That it is necessary and this Council hereby determines' that notes in the principal amount of $150,000 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 maxi- mum rate permitted by law, provided that such notes may bear one or more dif- ferent rates not exceed-lng the maximum rate permitted by law after maturity and until the principal sum is paid. Such notes shall be dated as of the date of is- suance and Shall mature on or before one year from said date. Such notes shall be issued in such number and denomination as the purch~er or purchasers thereof request. The rate or rates of inter~St to be borne bY'~he notes until maturity and after maturity shall be fixed by the certificate of tke Director of Finance of the City awarding the sale of the notes and specifying such rate or. rates and the principal amount of the notes applicable to each rate. Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. ~hey 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