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ORDINANCE N0. 88-83 Brown, Gallagher, Graham. McBride, Wendling AN EMERGENCY ORDINANCE to provide for the award of $93,000 bonds of the City of Lakewood, Ohio, 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 municipal easement described in Resolution No. 5674 duly adopted by the City Council on April 5, 1982, by constructing thereon a con- crete breakwall mrith concrete modules, fill and end return. WHEREAS, bide have been received for the purchase of $93,000 Waterford Break~all Bonds (the "Bonds") authorized by Ordinance No. 84-83 passed by this Council on July 18, 1983, as amended heretofore by Ordinance No. , passed on August 17, 1983, follo%rlng the advertisement of the sale of the Bonds in accordance %r~th law; and WHEREAS, it has been determ/ned that tbe bid of Maanu~ & ~. for the Bonds with a premium of $ 77.50 ~ and to bear ~n interest rate of 8.75 % per annum is the hfghe'st bid based upon the lowest rate of interest received for the Bonds; and WHEtEAS, this Council by two-thirds (2/3) vote of the members elected thereto determines that this ordinance is an emergency measure which is neces- sary for the immediate preservation of the public peace, property, health, safety and welfare and for the further reason that the immediate issuance and sale of the Bonds herein authorized is necessary to enable the City to retire outstanding notes at maturity and thereby preserve the City's credit; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood: Section 1. The Bonds, bearing the terms and maturities as provided in the ordinance authorizing the Bonds, are hereby awarded and sold to Maonus & CO, , in accordance withfts hid therefor, hearing interest at the rate of eiqht D0int seven f~v per centum ( 8.75 %) per annum, with a premium of $ 77.50 , which interest rate is hereby determined to be the maximum interest rate per annum to be borne by the Bonds. Section 2. That the Director of Finance shall be and his hereby authorized and directed to cause the Bonds to be printed forthwith and thereupon have the same executed and delivered, together with a true transcript of the pro- ceedinEs authorizing the Bonds, to the aforesaid purchaser upon payment of the par value thereof, the aforesaid premium, and accrued interest to the date of delivery. Section 3. The Clerk of Council is hereby authorized and directed to forward a certified copy of this ordinance of the County Auditor of Cuyahoga County. Section 4. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all such deliberations of this Council and any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements in- cluding the City's Charter and Codified Ordinances and Section 121.22 of the Ohio Revised Code.