58-81 Sewage system improvements - BAN

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ORDINAN~ NO. 58-81 AN EMERGENCY ORDINANCE PROVIDING FOR THE ISSUANCE OF $4,385,000 OF NOTES BY THE CITY OF LAKEWOOD, OHIO IN ANTICIPA~ICKN OF THE ISSSUANCE OF BONDS FOR THE PURPOSE OF MAKING IMPROVEMenTS TO THE CITY'S SEWAGE TREA~ESrf AND DISPOSAL WORKS AND ITS ANC~ SYSTEMS By: Brown, Chinnock, Gailagher, Graham, McBride, Salmon, Wendling ~5~%S, this legislative authority (the "Council") of the City of Lakew~cd, Ohio (the "City") has previously determined to make improvements to the City's sewage treatment and disposal ~rks and its ancillary systems (hereinafter sometimes called the "Project"); and WHEREAS, this Council hereby specifically finds and determines that the Project is a proper nunicipal public purpose and is a permanent improve- ment for the improvement of sewage treatment and disposal ~rks and ancillary systems ~it~hJ_n the meaning of Class (AA) of Section 133.20 of the Revised Oode of Ohio; and %~K~EAS, the fiscal officer of t_he City has estimated and certified that the life of the Project is at least Five (5) years, and has certified the maximum maturity of the bonds issued therefor is Forty (40) years, and of notes to be issued in anticipation thereof is Eight (8) years, if sold publicly; othem-wise, One (1) year; and ~, th/s ordinance constitutes an emergency measure in that the im~=diate preservation of the public peace, health, safety and welfare in the City requites the mm.mediate issuance of notes in anticipation of the issuance of bonds to support contracts relative to the Project and to provide needed imDrov~ts to the City's sewage treatment and di _sposal ~rks and its ancillary systems; no,~, therefore; BE IT ORDA_ITIED BY THE COUNCIL OF THE CITY OF LAK~D, OHIO: Section 1. That is is necessary to issue bonds of the City in the principal a~ount of $4,385,000 for the purpose of making improvements to the City's sewage treatment and disposal ~rks and its ancillary systems, including the oosts of advertising the notice of sale, printing the bonds, notes or other evidences of indebtedness, expense of delivery of bonds or notes, service charges of the paying agent, legal services, and obtaining an approving legal opinion. Section 2. That said bonds shall be dated approximately 3 u 1 y 1 5, 19 8 2 shall bear interest at the estimated rate of Ten and One-Half percent (10-1/2%) per annum, and shall ma~ure in substantially equal annual or semiannual installments over a period not exceeding Thirty (30) years after their issuance. Section 3. That it is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $4,385,000 shall be issued in anticipation of the issuance of said bonds. The Notes shall bear interest at such rate, not exceeding the maximum legal rate of interest per annum that may be paid on the Notes under the laws of Ohio, 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 the maximum legal rate of interest per annum that may be paid on the Notes under the laws of Ohio, until the principal sum is paid; shall be dated the date of issuance; shall mature non later than one ye~r frc~m such date of issuance; shall not be subject to call for redc~mption at any time prior to maturity; shall be designated "Sewer System Improvements Bond Anticipation Notes"; shall be issued in such