83-82 Repeal 75-82 - Breakwall BAN

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Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $110,000 in anticipation of the levy and collection of special assessments for the purpose of paying the property owners' portion of the cost of improving the municipal easements described in Resolution NO. ~Tl~-adopted on October 18, 1982, and Resolution No. 5709 adopted September 20, 1982, by constructing thereon breakwalls with concrete modules and end returns. Section 2. That said bonds shall be dated approximately July 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 annual installments after their issuance. Section 3. That it is necessary and this Council hereby determines that notes (hereinafter called the "Notes") in the principal amount of $110,000 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%) pmr annum , as may be fixed by the Director of Finance in his certificate awarding such Notes at private sale, such interest to be pay- able 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 July 1, 1983; shall not be subject to call for redemption by the Cit~ at any time prior to maturity, unless the original purchaser of the Notes requests that the Notes provide for such redemption upon ten (10) days written notice to the original purchaser; shall be designated "Crane-Sessions Breakwall Bond Anticipation Notes"; shall be issued in such num- bers and denominations as may be requested by the ~ original purchaser; and shall be payable as to both principal and interest at the office of the Director of Finance of the City, or at banks or trust companies, as determined by the Director of Finance, without deduction for exchange, collection, or service charge.