40-82 BAN to purchase rubbish collection trucks

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NOW, THEREFORE, BE IT ORDAINED by 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 $1,000,000 for the purpose of purchasing rubbish collection trucks. Section 2. That said bonds shall be dated approximately June 1, 1983, shall bear interest at the estimated rate of twelve per centum (12%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in five (5) substantially equal annual installments after their issuance. Section 3. That it is hereby determined that notes (herein- after called the "Notes") in the principal amount of $1,000,000 shall be issued in anticipation of the issuance of said bonds for the above- described purpose and to pay and retire the outstanding notes. The Notes shall bear interest at such rate, not exceeding fifteen per centum (15%) per annum, as may be fixed by the Director of Finance in his certificate awarding the 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 which shall not exceed fifteen per centum (15%) per annum until the principal sum is paid; shall be dated June 4, 1982; shall mature on 3un~, 3, 1983; shall not be subject to redemption by the City at any time prior to maturity, unless t~he original purchaser of the No~es 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 "Truck Acquisition Bond Anticipation Notes - 1982 Renewal"; shall be issued in such numbers and denominations as may be requested by the original -2-