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ORDINANCE NO. 19-84
<br />
<br />By: Brown, Chinnock, Gallagher, Graham,
<br /> McBride, Salmon, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes of
<br />the City-of Lakewood, Ohio, in anticipation of the issuance of bonds for
<br />the purpose of constructing a combined sewer, with manholes, catchbasins
<br />and other necessary appurtenances thereto, in Olive Avenue.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 36-83 passed April 18,
<br />1983, the Council of the City authorized the issuance of notes in
<br />anticipation of the issuance of bonds in the principal amount of $400,000
<br />for the purpose hereinafter stated, which notes are dated May 18, 1983,
<br />and will mature on April 12, 1984; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the improvement
<br />hereinafter mentioned is at least five (5) years and has further certi-
<br />fied the maximum maturity of the hereinafter mentioned bonds is forty
<br />(40) years and that the maximum maturity of notes issued in anticipation
<br />of said bonds is ten (10) years from the date of issuance of the orig-
<br />inal notes, or one (1) year if sold privately; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which is
<br />necessary for the immediate preservation of the public peace, property,
<br />health, safety and welfare in the City and for the further reason that
<br />the immediate issuance and sale of the notes herein authorized is neces-
<br />sary to provide funds to retire the outstanding notes which are about to
<br />mature and thereby protect the credit of the City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal amount of $400,000 for the purpose
<br />of constructing a combined sewer, with manholes, catchbasins and other
<br />necessary appurtenances thereto, in Olive Avenue.
<br />
<br /> Section 2. Said bonds shall be dated approximately July 1,
<br />1984, shall bear interest at the estimated rate of ten per centum (10%)
<br />per annum, payable semi-annually, until the principal sum is paid, and
<br />shall mature in twenty (20) substantially equal annual installments
<br />after their issuance.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter
<br />called the "Notes") in the principal amount of $400,000 shall be issued
<br />in anticipation of the issuance of said bonds for the above-described
<br />purpose and to pay and retire the outstanding notes. The Notes shall
<br />bear interest at such rate 'or rates not exceeding the maximum rate
<br />permitted by law, as may be fixed by the Director of Finance in his
<br />certificate awarding the Notes at private sale, such interest to be
<br />payable at maturity, with provision, if requested by the purchaser,
<br />that, in the event of default, the same shall bear interest at a rate or
<br />rates not exceeding the maximum rate permitted by law until the principal
<br />sum is paid; shall be dated their date of issuance; shall mature four
<br />months from date of issue; shall not be subject to redemption by the
<br />
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