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ORDINANCE NO. 66-88
<br />
<br />By: Brown, Chinnock, Gallagher, Gazzana,
<br /> George, Graham, Wendling
<br />
<br /> ~AN EMERGENCY ORDINANCE to provide for $50,000 Cohassett Water
<br />Main Improvement Bond Anticipation Notes - 1988 Renewal of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of 5onds for the purpose
<br />of replacinE water mains, fire hydrants and curb connections in
<br />Cohassett Avenue.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 42-82 passed May 17, 1982,
<br />the Council of the City authorized the issuance of notes in anticipation
<br />of the issuance of bonds in the principal amount of $250,000 for the
<br />purpose hereinafter stated, which notes were dated July 1, 1982, and
<br />matured on July 1, 1983, which notes were retired with the proceeds of
<br />notes in the principal amount of $250,000, which notes were dated
<br />May 18, 1983, and matured on April 12, 1984, which notes were retired
<br />with the proceeds of notes in the principal amount of $250,000, 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 />$250,000, which notes were dated July 13, 1984, and matured on Decem-
<br />ber 14, 1984, which notes were retired with the proceeds of notes in the
<br />amount of~$250,000, which notes were dated November 15, 1984 and matured
<br />on November 14, 1985, which notes were retired with funds of the City in
<br />the amount of $50,000 and with the proceeds of notes in the principal
<br />amount of $200,000, which notes were dated November 14, 1985 and matured
<br />on October 17, 1986, which notes were retired with funds of the City in
<br />the amount of $50,000 and with the proceeds of notes in the principal
<br />amount of $150,000, which notes were dated October 17, 1986 and matured
<br />on August 26, 1987, which notes were retired with funds of the City in
<br />the amount of $50,000 and with the proceeds of notes in the principal
<br />amount of $100,000, which notes are dated August 26, 1987 and will
<br />mature on August 26, 1988; 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 $50,000
<br />is now available to apply against the principal of said notes and that
<br />after the application of said $50,000 to the payment thereof, the
<br />.remaining outstanding principal of said notes (to wit, $50,000) shall be
<br /> funded by the issuance of new notes in anticipation of the issuance of
<br /> 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 amd sale of the not.es 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 />
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