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ORDINANCE NO. 66-$5 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 5ends, for the purpose of purchasing a fire truck and other motorized equipment. WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the equipment hereinafter mentioned is at least five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is seven (7) years and that the maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the date of issuance of the original notes, or one (1) year if sold privately; and WHEREAS, the Council of the City has determined that $62,000 is now available to apply against the principal of said notes and that after the application of said $62,000 to the payment thereof, the remaining outstanding principal of said notes (to wit, $248,000) shall be funded by the issuance of new notes in anticipation of the issuance of bonds for the purpose hereinafter stated; and WHEREAS, 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 retire the outstanding notes which are about to mature and thereby protect the credit of the City; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $248,000 for the purpose of purchasing a fire truck and other motorized equipment. Section 2. That said bonds shall be dated approximately September 1, 1986, shall bear interest at the estimated rate of ten per centum (10%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in seven (7) substantially equal annual in- stallments after their issuance. Section 3. That it is hereby determined that notes (herein- after called the "Notes") in the principal amount of $248,000 shall be issued in anticipation of the issuance of said bonds for the above- described purpose. The Notes shall bear interest at a rate or rates not exceeding the maximum interest rate of fifteen per centum (15%) per annum, as may be fixed by the Director of Finance in his certificate awarding the Notes at private sale, such interest 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 or rates not exceeding fifteen per centum (15%) per annum until the principal sum is paid; shall be dated their date of issuance; shall mature one year from date of issuance; shall not be subject to redemption by the City at any time prior to maturity, unless the original purchaser of the Notes