38-88 Water System Improve BAN $1,200,000

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O~D INANCE NO. 38-88 By: Brown, Chinnock, Gazzana, George, Graham, Wendlin§ AN EMERGENCY ORDINANCE to provide for $1,200,000 Water System Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds, for the purpose of paying the cost of replacing water mains, fire hydrants and curb connections in certain streets in the City of Lakewood, together with the necessary appurtenances thereto. WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvements 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, 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 for the construction of water system improvements in the City in order to protect the health and property of the citizens 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 $1,200,000 for the purpose of replacing water mains, fire hydrants and curb connections in certain streets in the City of Lakewood, together with the necessary appurtenances thereto. Section 2. That said bonds shall be dated approximately August 1, 1988, 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 in- stallments after their issuance. Section 3. That it is hereby determined that notes (herein- after called the "Notes") in the principal amount of $1,200,000 shall be issued in anticipation of the issuance of said bonds for the above- described purpose. The Notes shall bear interest at a rate 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 not exceeding the maximum interest rate of fifteen per centum (15%) per annum until the principal sum is paid; shall be dated their date of. issuance and shall mature three months from their date of issuance; shall not be subject to redemption by the City at any time prior to maturity; shall be designated "Water System Improvement Bond Anticipation Notes"; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be payable as %o both principal and interest at the office of the Director of Finance of the City, or at banks or trust companies, as determined by the Director of Finance, without deduction for exchange, collection or service charge.