|
ORDINANCE NO . 12-81
<br />
<br />BY: Chinnock, Salmon, Gallagher,
<br /> Brown, Graham, McBride, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes of the
<br />City of Lakewood, Ohio, in anticipation of the issuance of bonds for the pur-
<br />pose of paying costs of improving the City's waste water treatment plant.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 3-80, passed January 21, 1980,
<br />a note in the principal amount of $750,000, dated March 4, 1980, maturing
<br />on or before one year from date, was issued for the purpose hereinafter
<br />stated, and said note is about to mature; and
<br />
<br /> WHEREAS, this Council has determined that said outstanding note in
<br />the amount of $750,000 shall be funded by the issuance of new notes in anti-
<br />cipation of the issuance of bonds; and
<br />
<br /> WHEREAS, there are now available funds of the City in the amount
<br />of $250,000 which this Council has determined to appropriate and apply to
<br />the payment of said outstanding note; and
<br />
<br /> WHEREAS, the Director of Finance as fiscal officer, has certified
<br />to this Council that the estimated life of the improvement hereinafter men-
<br />tioned is at least five years and has further certified the maximum maturity
<br />of the hereinafter mentioned bonds is 40 years and that the maximum maturity
<br />of notes issued in anticipation of said bonds is eight years from ~rch 4,
<br />1980, or one year if sold privately; and
<br />
<br /> WHEREAS, this Council by two-thirdsvote of the members elected
<br />thereto determines that this ordinance is an emergency measure which is
<br />necessary for the immediate preservation of the public peace, property, health
<br />and safety and for the further reason that the immediate issuance and sale
<br />of the notes herein authorized is necessary to enable the City to retire
<br />the outstanding note at maturity and thereby preserve the City's credit;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds
<br />of the City of Lakewood in the principal amount of $500,000 for the purpose
<br />of paying costs of improving the City's waste water treatment plant.
<br />
<br /> Section 2. That said bonds shall be dated approximately March 1,
<br />1982, shall bear interest at the estimated rate of seven and one-half per
<br />centum (7-1/2%) per annum, payable semi-annually, until the principal sum
<br />is paid, and shall mature in 20 substantially equal annual installments after
<br />their issuance.
<br />
<br /> Section 3. That it is necessary and this Council hereby determines
<br />that notes in the principal amount of $500,000 shall be issued in anticipation
<br />of the issuance of said bonds and to pay and retire the abovementioned note.
<br />
<br /> Section 4. That such anticipatory notes in the amount aforesaid
<br />shall bear interest payable at maturity at one or more rates not exceeding
<br />the maximum rate permitted by law, provided that such notes may bear one or
<br />more different rates not exceeding the maximum rate permitted by law after
<br />maturity and until the principal sum is paid; shall be in the denominations
<br />and numbered as the original purchaser or purchasers thereof request, shall
<br />be dated ~rch 4, 1981 and shall mature March 4, 1982, with an option in
<br />the City to redeem such notes prior to maturity if satisfactory to the original
<br />purchaser or purchasers of such notes.
<br />
<br /> Section 5. That such notes shall be executed by the Mayor and
<br />Director of Finance and bear the seal of the corporation. They shall be
<br />payable at the office of the Director of Finance, City Hall, Lakewood, Ohio,
<br />and shall express upon their faces the purpose for which they are issued
<br />and that they are issued pursuant to this ordinance.
<br />
<br /> Section 6. Subject to the rejection of said notes by the Director
<br />of Finance for investment in the Bond Retirement Fund, said notes shall be
<br />sold at the par value thereof by the Director of Finance at an interest
<br />
<br />
<br />
|