37-83 Water mains, hydrants - Olive & Lake BAN

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ORDINANCE NO. 37-83 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 replacing water mains, fire hydrants and curb connections in Olive Avenue and Lake Avenue. 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 orig- inal notes, or one (1) year if sold privately; and ~E~AS, 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 replace water mains and fire hydrants which are needed immediately 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. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $800,000 for the purpose of replacing water mains., fire hydrants and curb connections in Olive Avenue and Lake Avenue. Section 2. Said bonds shall be dated approximately April 1, 1984, shall bear interest at the est/mated rate of twelve per centum (12%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty (20) substantially equal annual /nstallments after their issuance. Section 3. It is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $800,000 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 6entum (15%) per ann~n, as may be fixed by the Director of Finance in his certificate awarding the Notes at private sale, such in- terest 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 Ss paid; shall be dated their date of issuance; shall mature on April 12, 1984; shall not be subject to redemption by the City at any t/me 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 "Olive-Lake Water Hain Bond Anticipation Notes"; shall be