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ORDINANCE NO. 78-8§
<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 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, 1.984, which notes were retired
<br />with the proceeds of notes in the principal amount of $800,000, which
<br />notes were dated March 16, 1984, and matured on July 16, 1984, which
<br />notes were retired with the proceeds of notes in the principal amount of
<br />$700,000, which notes were dated July 13, 1984, and matured on
<br />December 14, 1984, which notes were retired with the proceeds of notes
<br />in the principal amount of $700,000, which notes are dated November 15,
<br />1984 and will retire on November 14, 1985; 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 twenty (20) years from the date of issuance of the
<br />original notes, or one (1) year if sold privately; and
<br />
<br /> WHEREAS, the Council of the City has determined that $150,000
<br />is now available to apply against the principal of said notes and that
<br />after the application of said $150,000 to the payment thereof, the
<br />remaining outstanding principal of said notes (to wit, $550,000) 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, 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 $550,000 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 November 1,
<br />1986, 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 />
<br />
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