57-82 Sewage Treatment & Disposal Works Notes

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~ORDINANCE NO. 57-82 By: Brown, Chinnock, Gallagher, Graham, McBride, 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 making improvements to the City's sewage treatment and disposal works and its ancillary systems. WHEREAS, pursuant to Ordinance No. 58-81, passed Junel 15, 1981, notes in the aggregate principal amount of $4,385,000, dated August 6, 1981, and to mature on August 6, 1982, were issued for the purpose hereinafter stated; and WHEREAS, $35,000 is now available to apply against the princi- pal of said notes and that after application of said $35,000 to the payment thereof, the remaining outstanding principal amount of said notes (to wit, $4,350,000) shall be funded by ~he issuance of new notes in anticipation'of the issuance of bonds for the purpose hereinafter stated; 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.forty (40) years and that the maximum maturity of notes issued in anticipation of.said bonds is ten (10) years from the date of issuance of the origi- nal 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; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: