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<br />ORDINANCE NO. 80-85
<br />
<br />By: Brown, Chinnock, Gallagher, Graham,
<br />~1cBride, 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 making improvements to the City's sewage treatment and
<br />disposal works and its ancillary systems.
<br />
<br />WHEREAS, pursuant to Ordinance No. 58-81 pas~ed June 15. 1981,
<br />the Council of the City authorized the-issuance of notes in anticipation
<br />of the issuance of bonds in the principal amount of $4,385,000 for the
<br />purpose hereinafter stated, which notes were dated August 6, 1981, and
<br />matured on August 6, 1982, which notes were retired with funds of the
<br />City in the amount of $35,000 and with the proceeds of notes in the
<br />principal amount of $4,350.000~ which notes were dated August 6, 1982,
<br />and matured on August 5, 1983. which notes were retired with funds of
<br />the City i~ the amount of $350,000 and with the proceeds of notes in the
<br />principal amount of $4,000,000, which notes were dated August 5, 1983.
<br />and matured on April 12. 1984. which notes were retired with the pro-
<br />ceeds of notes in the principal amount of $4,000.000, which notes were
<br />dated March 16. 1984, and matured on July 16, 1984, which notes were
<br />retired with the proceeds of notes in the principal amount of $4,000,000,
<br />which notes were dated July 13, 1984, and matured on December 14, 1984,
<br />which notes were retired with the proceeds of notes in the principal
<br />amount of $4,ÖOO,000, which notes were dated November 15. 1984 and will
<br />mature on November 14. 1985; and
<br />
<br />WHEREAS, the Director of Finance, as fiscal offic.er, has
<br />certified to this Council that the estimated life of the improvements
<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 uaturity 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 Countil of the City has determined that $660,000
<br />is now available to apply against the principal of said notes and that
<br />after the application of said $660,000 to the payment thereof, the
<br />remaining outstanding principal of said notes (to wit, $3.340,000) 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 />NO_W. 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 $3,340,000 for the
<br />purpose of making improvements to the City's sewage treatment and dis-
<br />posalworks and its ancillary systems.
<br />
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