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ORDINANCE NO. 70-88
<br />
<br />By:
<br />
<br />Brown, Gal lagher, Gazzana, George,
<br />Graham, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $300,000 1988 Sidewalk
<br />Improvement Bond Anticipation Notes - Series B of the City of Lakewood,
<br />Ohio, in anticipation of the issuance of bonds, for the purpose of
<br />paying the property owners' portion, in anticipation of the levy and
<br />collection of special assessments, and the City's portion of the cost of
<br />reconstructing and repairing certain concrete sidewalks in the City of
<br />Lakewood, Ohio.
<br />
<br /> W~EREAS, the Director of Finance, as fiscal officer, 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 five (5)
<br />years and that the maximum maturity of notes issued in anticipation of
<br />said bonds is five (5) years from the date of issuance of the original
<br />notes, or one (1) year if sold privately; 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 for the construction of sidewalk improvements in the
<br />City in order to remove hazards to pedestrians;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue
<br />bonds of the City of Lakewood in the principal amount of $300,000 for
<br />the purpose of paying the property owners' portion ($120,000), in an-
<br />ticipation of the levy and collection of special assessments, and the
<br />City's portion ($180,000) of the cost of reconstructing and repairing
<br />certain concrete sidewalks in the City of Lakewood, Ohio, in the manner
<br />and between the termini provided in Resolution No. 4771-70 duly adopted
<br />by the Council of the City on April 20, 1970.
<br />
<br /> Section 2. That said bonds shall be dated approximately
<br />August 1, 1989, shall bear interest at the estimated rate of ten per
<br />centum (10%) per annum, payable semi-annually, until the principal sum
<br />is paid, and shall mature in five (5) substantially equal annual in-
<br />stallments after their issuance.
<br />
<br /> Section 3. That it is hereby determined that notes (herein-
<br />after called the "Notes") in the principal amount of $300,000 shall be
<br />issued in anticipation of the issuance of said bonds for the above-
<br />described purpose. The Notes shall bear interest at a rate or rates not
<br />exceeding the maximum interest rate of fifteen per centum (15%) per
<br />annum, as may be fixed by the Director of Finance in his certificate
<br />awarding the Notes at private sale, such interest to be payable at
<br />maturity, with provision, if requested by the purchaser, that, in the
<br />event of default, the same shall bear interest at a rate or rates not
<br />exceeding the maximum interest rate of fifteen per centum (15%) per
<br />annum until the principal sum is paid; shall be dated August 26, 1988
<br />and shall mature on August 25, 1989; shall not be subject to redemption
<br />by the City at any time prior to maturity; shall be designated "1988
<br />Sidewalk Improvement Bond Anticipation Notes - Series B"; shall be
<br />issued in such numbers and denominations as may be requested by the
<br />
<br />
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