61-82 Breakwall BAN - Laserfiche WebLink

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Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $165,000 for the purpose of paying the property owners' portion, in anticipation of the levy and collection of special assessments, of the cost of improving the munici- pal easement described in Resolution No. 5674 adopted April 5, 1982, by . constructing thereon a concrete breakwall with concrete modules, fill and end return. Section 2. Said bonds shall be dated approximately December 1, 1982, 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 annual installments after their issuance. Section 3. It is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $165,000 shall be issued in anticipation of the issuance of said bonds for the above-described purpose. 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 their date of issuance; shall mature on December 14, 1982; shall not be subject to redemption by the City at any time prior to maturity,~unless the original purchaser of the Notes 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 "Waterford Breakwall Bond Anticipation Notes"; shall be issued in such numbers and denominations as may be requested by the - 2-