02-80 Improve Hilliard & Franklin BAN

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ORDINANCE NO. 2 -80 By: Graham, McBride, Salmon, Wendling, Brown, Chinnock, Gallagher AN EMI%RGENCY 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 improving Hillia=d Road from Madison Avenue to the westerly corporate line and Franklin Boulevard from Madison Avenue to West ll7th Street in cooperation with the County of Cuyahoga by resurfacing and resetting and re- placing of curbs where necessary, together with the necessary appurtenances thereto. WHEREASi the Director of Finance as fiscal officer, has certified to this Council that the estimated life of the improvement hereinafter men- tioned is at least five years and has further certified the maximum maturity of the hereinafter mentioned bonds is 20 years and that the maximum maturity of notes issued in anticipation of said bonds is eight years, 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 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 auth~-rized is necessary to eliminate existing hazards to pedestrian and vehicular traffic; 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 $285,000 for the purpose of improving Hilliard Road from Madison Avenue to the westerly corporate line and Franklin Boulevard from ~dison Avenue to West ll7th Street in cooperation with the County of Cuyahoga by resurfacing and resetting ah~ ~eL placing of curbs where necessary, together with the necessary appurtenances thereto. ~ .......................... Section 2. That said bonds shall be dated approximately January 1, 1981, shall bear interest at the estimated rate of seven per centum (7%) per annum, payable semiannually, until the principal sum is paid, and shall mature in 20 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 $285,000 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 denominations and numbered as the original purchaser or purchasers thereof request, shall be dated the date of their issuance and shall mature one year from such 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. 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,