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ORDINANCE NO. 21-89 By:
<br />
<br />Chinnock, Gallagher, Gazzana,
<br />George, Graham, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $270,000 1988 Street
<br />Improvement Bond Anticipation Notes - 1989 Renewal of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds, for the
<br />purpose of paying the cost of resurfacing certain streets in the City of
<br />Lakewood, together with the necessary appurtenances thereto.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 26-88 passed April 4, 1988,
<br />this Council authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $300,000 for the purpose.
<br />hereinafter stated, which notes were dated May 13, 1988, and will mature
<br />on May 12, 1989; and
<br />
<br /> WHEREAS, the amount of $30,000 is now available to apply
<br />against the principal of said notes and that the application of said
<br />$30,000 to the payment thereof the remaining outstanding principal
<br />amount of said note (to wit $270,000) new notes in anticipation of the
<br />issuance of bonds for the purpose hereinafter stated; and
<br />
<br /> WHEREAS, 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 twenty
<br />(20) 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, 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 funds to retire the outstanding notes which are about to
<br />mature and thereby protect the credit of the City;
<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 $270,000 for
<br />the purpose of paying the cost of resurfacing certain streets in the
<br />City of Lakewood, together with the necessary appurtenances thereto.
<br />
<br />Section 2. That said bonds shall be dated approximately
<br />May 1, 1990, shall bear interest at the estimated rate of ten per centum
<br />(10%) per annum, payable semi-annually, until the principal sum is paid,
<br />and shall mature in twenty (20) substantially equal annual installments
<br />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 $270,000 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 />
<br />
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