77-85 Parkside & McKinley water mains, hydrants Notes

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ORDINANCE NO. 77-85 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 Parkside Drive and curb connections in McKinley Avenue. WHEREAS, pursuant to Ordinance No. 115-84 passed October 15, 1984, the Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in. the principal amount of $100,000 for the purpose hereinafter stated, which notes are dated November 15, 1984 and will mature on November 14, 1985; and 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 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 $20,000 is now available to apply against the principal of said notes and that after the application of said $20,000 to the payment thereof, the remaining outstanding principal of said motes (to wit, $80,000) 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. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $80,000 for the purpose of replacing water mains, fire hydrants and curb connections in Parkside Drive and curb connections in McKinley Avenue. Section 2. Said bonds shall be dated approximately November 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 twenty (20) substantially equal annual installments after their issuance. Section 3. It is hereby determined that notes (hereinafter called the "Notes")' in the principal amount of $80,000 shall be issued in anticipation of the issuance of said bonds for the above-described purpose. The Notes shall bear interest at such rate or rates not