20-78 BAN - enclosure at Foster pool

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ORDINANCE NO. 20 -78 BY: Messrs. Chinnock, Magnotto, Ss~mon, Usher, Brockman, Brown AN EFfERGENCY 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 paying costs of providing an enclosure for the Foster Pool, together with the necessary appurtenances thereto. ~{EREAS, pursuant to Ordinance No. 5-77, passed January 24, 1977, a note in the principal amount of $450,000, dated March 7, 1977, maturing one year from date, was issued for the purpose hereinafter stated, and said note is ab.out to mature; and WHEREAS, this Council has determined that said outstanding note in the amount of $450,000 shall be funded by the issuance of new notes in anticipation of the issuance of bonds; and ~tEREAS, the Director of Finance, as fiscal officer, has certified to this Council such 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 March 7, 1977, 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 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; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lake- wood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal sum of $450,000 for the purpose of paying costs of ~roviding an enclosure for the Foster Pool, together with the necessary appur- tenances thereto. Section 2. That said bonds shaii be dated approximately March 1, ~' 1..~9, shall bear /nterest at the estimated rate of six and one-half per centum (6-1/2%) 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 determines that notes in the principal amount of $450,000 shall be issued in anticipation of the issuance of said bonds and to pay and retire the above-mentioned out- standing note. 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 denominations and numbered as the original purchaser or purchasers thereof request, shall be dated as of March 7, 1978 and shall mature one year from date, with an option in the City to redeem such notes prior to maturity if satisfactory to the original purchaser or purchasers of such notes.