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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 $50,000 for the purpose <br />of replacing water mains, fire hydrants and curb connections in <br />Cohassett Avenue. <br /> <br /> Section 2. Said bonds shall be dated approximately August 1, <br />1989, 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 />shall mature in twenty (20) substantially equal annual installments <br />after their issuance. <br /> <br /> Section 3. It is hereby determined that notes (hereinafter <br />called the "Notes") in the principal amount of $50,000 shall be issued <br />in anticipation of the issuance of said bonds for the above-described <br />purpose and to pay and retire the outstanding notes. The Notes shall <br />bear interest at such rate or rates not exceeding the maximum interest <br />rate of fifteen per centum (15%) per annum, as may be fixed by the <br />Director of Finance in his certificate awarding the Notes at private <br />sale, such interest to be payable at maturity; shall be dated August 26, <br />1988; shall mature on August 25, 1989; shall not be subject to redemp- <br />tion by the C~ty at any time prior to maturity; shall be designated <br />"Cohassett Water Main Bond Anticipation Notes - 1988 Renewal"; shall be <br />issued in such numbers and denominations as may be requested by the <br />original purchaser; and shall be payable as to both principal and inter- <br />est at the offices of the Director of Finance of the City, or at banks <br />or trust companies, as determined by the Director of Finance, without <br />deduction for exchange, collection or service charge. <br /> <br /> Section 4. The Notes shall be executed by the Mayor and <br />Director of Finance, provided that one of such signatures may be a <br />facsimile signature, and bear the seal of the corporation or a facsimile <br />thereof. The Notes shall express upon their faces the purpose for which <br />they are issued and that they are issued pursuant to this ordinance. <br /> <br /> Section 5. Subject to the rejection of the Notes by the <br />Director of Finance for investment in the Bond Retirement Fund, the <br />Notes shall be sold at private sale at not less than the par value <br />thereof by the Director of Finance and at an interest rate not exceeding <br />that specified in Section 3 of this ordinance pursuant to and in <br />accordance with the terms and conditions set forth in the form of <br />Invitation for Proposals attached hereto as Exhibit 1, and after <br />distribution of said Invitation for Proposals to prospective purchasers <br />of the Notes; and the Director of Finance is hereby authorized and <br />directed to deliver the Notes, when executed, to the original purchaser <br />thereof upon payment of the purchase price. The proceeds of such sale <br />shall be paid into the proper fund and used for the purpose for which <br />the Notes are being issued under the provisions of this ordinance and to <br />pay those costs of issuance set forth in Section 133.361, Ohio Revised <br />Code. Any premium and accrued interest shall be transferred to the Bond <br />Retirement Fund to be applied to the payment of the principal of an <br />interest on the Notes in the manner provided by law. <br /> <br />-2- <br /> <br /> <br />