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ORDINANCE NO. 76-84
<br />
<br />Brown, Chinnock, Gallagher,
<br />Graham, 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 replacing water mains, fire hydrants and curb connections
<br />in Olive Avenue and Lake Avenue.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 37-83 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
<br />$800,000 for the purpose hereinafter stated, which notes were dated
<br />May 18, 1983, and matured on April 12, 1984, which notes were retired
<br />with the proceeds of notes in the principal amount of $800,000, which
<br />notes are dated March 16, 1984, and will mature on July 16, 1984; and
<br />
<br /> WHEREAS, the Council of the City has determined that $100,000
<br />is now available to apply against the.principal of said notes and that
<br />after the application of said $100,000 to the payment thereof, the
<br />remaining outstanding principal of said notes (to-wit, $700,000) shall
<br />be funded by the issuance of new notes in anticipation of the issuance
<br />of bonds for the purpose hereinafter stated; 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 max!mum 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 twenty (20) years from the date of issuance of the
<br />original 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 ~mediate 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 $700,000 for the purpose
<br />of replacing water mains, fire hydrants and curb connections in Olive
<br />Avenue and Lake Avenue.
<br />
<br /> Section 2. Said bonds shall be dated approximately
<br />December I, 1984, shall bear interest at the estimated rate of ten per
<br />centum (10%) per annum, payable semi-annually, until the principal sum
<br />is paid, and shall mature in twenty (20) substantially equal annual
<br />installments after their issuance.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter
<br />called the "Notes") in the principal amount of $700,000 shall be issued
<br />in anticipation of the issuance of said. bonds for the above-described
<br />
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