112-81 Traffic Signal Devices - BAN

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ORDINANCE NO. 112-81 By: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling 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 payi~g costs of acquiring and installing traffic signal devices and necessary appurtenances thereto. WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvement hereinafter mentioned is at least five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is twenty- five (25) years and that the maximum maturity of notes issued in antici- pation of said bQnds is eight (8) years from the date of issuance of the notes) or one (1) year if sold privately; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health) safety and welfare in the City and for the further reason that the immediate issuance and sale of the notes herein authorized is neces- sary to prevent traffic casualties and fatalities involving the citizens of and visitors to the City; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuya- hoga County, Ohio: Section 1. That it is hereby déclared necessary to issue bonds of the City of Lakewood in the principal amount of $110,000 for the purpose of paying costs of acquiring and installing traffic signal devices and necessary appurtenances thereto. Section 2. That said bonds shall be dated approximately Decemb~r 1, 1982, shall bear interest at the estimated rate of ten and one-half per centum (10-1/2%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty-five (25) substan- tially equal annual installments after their issuance. Section 3. That it is hereby determined that notes in the principal amount of $110,000 shall be issued in anticipation of the issuance of said bonds for the above-described improvement. The notes shall bear interest at such rate, not exceeding twenty per centum (20%) per annum, as may be fixed by the Director of Finance in his certificate awarding such notes at private sale, such interest to be payable at maturity) with provision, if requested by the purchaser) that) in the event of default, the same shall bear interest at a rate not in excess of twenty per centum (20%) per annum until the principal sum is paid; shall be dated the date of- issuancé; shall mature one (1) year from such date of issuance; shall not be subject to redemption by the City at any time prior to maturity) unless the original purchaser of the notes requests that the notes provide for such redemption, in which case provision shall be made for calling the notes for redemption upon ten (10) days written notice to the original purchaser; shall be designated IITraffic Signal Bond Anticipation Notes"; shall be issued in such numbers and denominations as may be requested by the purchaser; and shall be payable as to both principal and interest at the offices of the