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ORDINANCE NO. 72-88 BY: Brown, Chinnock, Gallagher,
<br /> George, Graham, Wendling
<br /> AN EMERGENCY ORDINANCE amending Ordinance No. 51-88 providing
<br />for the issuance of $1,200,000 1988 Water System Improvement Bonds of
<br />the City of Lakewood, Ohio, for the purpose of paying the cost of re-
<br />placing water mains, fire hydrants and curb connections in certain
<br />streets in the City of Lakewood, together with the necessary appurte-
<br />nances thereto.
<br />
<br /> WHEREAS, this Council passed Ordinance No. 51-88 on June 20,
<br />1988 providing for the issuance of $1,200,000 1988 Water System
<br />Improvement Bonds of the City of Lakewood, Ohio, for the purpose of
<br />paying the cost of replacing water mains, fire hydrants and curb
<br />connections in certain streets in the City of Lakewood, together with
<br />the necessary appurtenances thereto, such bonds to be dated August 1,
<br />1988; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 71-88 passed July 26, 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 />hereinabove stated, which notes were dated August 24, 1988, and will
<br />mature on October 18, 1988; and
<br />
<br /> WHEREAS, Council desires to amend Sections 2 and 3 of said
<br />Ordinance No. 51-88 to provide for. the bonds to be dated October 1, 1988
<br />in order to reduce the amount of accrued interest to be paid by the
<br />original purchaser thereof; and
<br />
<br /> k~EREAS, 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 is necessary to provide funds to retire
<br />the presently outstanding bond anticipation notes at maturity;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood:
<br />
<br /> Section 1. Section 2 of Ordinance No. 51-88 passed by this
<br />Council on June 20, 1988 which reads:
<br />
<br /> "Section 2. Said Bonds shall be dated
<br />August 1, 1988; shall be numbered from 1 upwards; shall
<br />be of the denomination of $5,000 or integral multiples
<br />thereof; and shall bear interest from their respective
<br />dates at the rate of seven per centum (7%) per annum,
<br />payable semiannually on the first day of June and the
<br />first day of December of each year (the "Interest Payment
<br />Dates"), beginning December I, 1988, until the principal
<br />sum is paid; provided, however, that if the Bonds are
<br />sold bearing a different rate of interest than herein
<br />specified, such Bonds shall bear such rate of interest as
<br />may be provided in the ordinance of Council approving the
<br />award thereof. Such Bonds shall mature as follows:
<br />$120,000 on December 1, in each of the years from 1989 to
<br />1998 inclusive, which maturities are hereby determined to
<br />be in substantially equal annual installments."
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