79-88 Replacing Water Mains, hudrants $1,200,000

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ORDINANCE NO. 79-88 By: Brown, Gal]agher, Gazzana, George, Graham AN EMERGENCY ORDINANCE to provide for the award of $1,200,000 bonds of the City of Lakewood, Ohio, for the purpose of replacing water mains, fire hydrants and curb connections, in certain streets in the City of Lakewood, together with the necessary appurtenances thereto. WHEREAS, bids have been received for the purchase~ of $1,200,000 1988 Water System Improvement Bonds authorized by Ordinance No. 51-88 passed by this Council 'on June 20, 1988, as amended by 9rdinance No. 72-88 passed by this Council on September 6, 1988 (the "Bonds"), following the advertisement of the sale of the Bonds in accor- dance with law; and WHEREAS, it has been determined that the bid of Blunt Ellis & Loewi. In¢, for the Bonds with a premium of $ 3,532.80 and to bear an interest rate of Six and three quarters per centum ( 6.750 %) per annum is the highest bid based upon the lowest rate of interest received for the Bonds; and WHEREAS, this Council by two-thirds (2/3) vote of the members elected thereto.determines that this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare and for the further reason that the immediate issuance and sale of the Bonds herein authorized is necessary to enable the City provide funds to retire outstanding notes which are about to mature and thereby protect the credit of the City; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood, Ohio: Section 1. The Bonds, bearing the terms and maturities as provided in the ordinance authorizing the Bonds, are hereby awarded and sold to Blunt Ellis & Loewi, Inc. , in accordance with its bid therefor, bearing interest at the rate of Six and three quarters per centum ( 6.750 %) per annum, with a premium of $ 3~532.80 , which interest rate is hereby determined to be the interest rate per annum to beborne by the~Bonds. Section 2. The Director of Finance shall be and is hereby authorized and directed to cause the Bonds to be printed forthwith and thereupon have the same executed and delivered, together with a true transcript of proceedings authorizing the Bonds, to the aforesaid pur- chaser upon payment of the par value thereof, the aforesaid premium, and accrued interest to the date of delivery. Section 3. The Director of Finance, as fiscal officer of the City, is hereby directed to forward a certified copy of this ordinance.. to the~-County Auditor of Cuyahoga County and to secure a receipt therefor. Section 4. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all such deliberations of this Council and any of its committees that resulted in such formal action, were in meeting open to the public, in compliance · with all legal requirements including 'the City's Charter and Codified Ordinances and Section 121.22 of the Ohio Revised Code.