41-82 Fire trucks & equip - BAN - Laserfiche WebLink

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ORDINANCE NO. 41-82 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 fire trucks and related equipment. 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 ten (10) years and that the maximum maturity of notes issued in anticipation of said bonds is eight (8) years from the date of issuance of the original no%es, 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 purchase fire trucks which are needed immedi- ately in order to protect the lives and property of the citizens of the City; 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 $450,000 for the purpose of purchasing fire trucks and related equipment. Section 2. That said bonds shall be dated approximately 3uly 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 ten (10) substantially equal arknual install- ments after their issuance.