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ORDINANCE NO. 5 ~ -88
<br />
<br />BY: Brown, Chinnock, Galigher,
<br />Gazzana, George, Graham, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of
<br />$1,200,000 Water System Improvement Bonds of the City of Lakewood, Ohio,
<br />for the purpose of paying the cost of replacing water mains, fire
<br />hydrants and curb connections in certain streets in the City of
<br />Lakewood, together with the necessary appurtenances thereto.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 38-88 passed May 2, 1988,
<br />this Council authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $1,200,000 for the purpose
<br />hereinafter stated, which notes were dated May 24, 1988, and will mature
<br />on August 24, 1988; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to the maximum maturity of the bonds proposed to be issued and
<br />as to the estimated life of the improvements so constructed; 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 and for the further reason that the immediate
<br />issuance and sale of the bonds herein authorized is necessary to provide
<br />funds to retire the presently outstanding bond anticipation notes at
<br />maturity;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds
<br />(hereinafter called the "Bonds") of the City of Lakewood in the princi-
<br />pal amount of $1,200,000 for the purpose of replacing water mains, fire
<br />hydrants and curb connections in certain streets in the City of
<br />Lakewood, together with the necessary appurtenances thereto.
<br />
<br /> Section 2. Said Bonds shall be dated August 1, 1988; shall be
<br />numbered from 1 upwards; shall be of the denomination of $5,000 or
<br />integral multiples thereof; and shall bear interest from their respec-
<br />tive dates at the rate of seven per centum (7%) per annum, payable
<br />semiannually on the first day of June and the first day of December of
<br />each year (the "Interest Payment Dates"), beginning December I, 1988,
<br />until the principal sum is paid; provided, however, that if the Bonds
<br />are sold bearing a different rate of interest than herein specified,
<br />such Bonds shall bear such rate of interest as may be provided in the
<br />ordinance of Council approving the award thereof. Such Bonds shall
<br />mature as follows: $120,000 on December 1 in each of the years from
<br />1989 to 1998 inclusive, which maturities are hereby determined to be in
<br />substantially equal annual installments.
<br />
<br /> Section 3. Said Bonds shall express upon their faces the
<br />purpose for which they are issued and that they are issued pursuant to
<br />this ordinance; shall be designated "1988 Water System Improvement
<br />Bonds"; shall be executed by the Mayor and by the Director of Finance,
<br />both of whose signatures may be facsimile signatures; shall bear the
<br />corporate seal of the City or a facsimile thereof; shall be issued only
<br />in fully registered form; and shall be registered as to both principal
<br />and interest at the corporate trust office of the City's registrar,
<br />
<br />
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