40-82 BAN to purchase rubbish collection trucks

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ORDINANCE NO. 40-82 By: Brown, Chinnock, Gallagher, Graham, 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 purchasing rubbish collection trucks. WHEREAS, pursuant to Ordinance No. 32-81, passed April 20, 1981, this Council authorized the issuance of notes in anticipation of the issuance of bonds in the principal amount of $1,300,000 for the purpose of purchasing rubbish collection trucks, which notes are dated June 4, 1981 and will mature on June 4, 1982; and WHEREAS, the amount of $300,000 is now available to apply against the principal of said notes and that after the application of said S300,000 to the payment thereof, the remaining outstanding principal amount of said notes (to-wit, $1,000,00) shall be funded by the issuance of new notes in anticipation of the issuance of bonds for the above- stated purpose; and 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 five (5) years and that the maximum maturity of notes issued in anticipation of said bonds is eight (8) years fror, the date of issuance of the original 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 provide funds to retire the outstanding notes which are about to mature and thereby protect the credit of the City;