55-89 Sewer Improvement Bonds $26,000

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ORDINANCE NO. 55-89 By: Brown, Gallagher, Gazzana, George, Graham AN EMERGENCY ORDINANCE to provide for $260,000 1989 Sewer Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of reconstructing sanitary and storm sewer lines and any necessary appurtenances thereto. WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvements hereinafter mentioned is at least five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is forty (40) years and that the maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the date of issuance of the original notes, or one (1) year if sold privately; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the further reason that the immediate issuance and sale of the notes herein authorized is neces- sary to reconstruct sewer lines urgently needed to protect the health of citizens of the City; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF LAKEWOOD, CUYAHOGA COUNTY, OHIO: Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $260,000 for the purpose of reconstructing sanitary and storm sewer lines and any necessary appurtenances thereto. Section 2. Said bonds shall be dated approximately August 1, 1990, shall bear interest at the estimated rate of ten per centum (10%) per annum, payable semi-annually, until the'principal sum is paid, and shall mature in twenty (20) substantially equal annual installments after their issuance. Section 3. It is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $260,000 shall be issued in anticipation of the issuance of said bonds for the above- described purpose. The Notes shall bear interest at such rate or rates not exceeding the maximum interest rate of fifteen per centum (15%) per annum, as may be fixed by the Director of Finance in his certificate awarding the Notes at private sale, such interest to be payable at maturity; shall be dated August 25, 1989; shall mature on August 24, 1990; shall not be subject to redemption by the City at any time prior to maturity; shall be designated "1989 Sewer Improvement Bond Anticipation Notes"; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be payable as to both principal and interest at the offices of the Director of Finance of the City, or at banks or trust companies, as determined by the Director of Finance, without deduction for exchange, collection or service charge. Section 4. The Notes shall be executed by the Mayor and Director of Finance, provided that one of such signatures may be a facsimile signature, and bear the seal of the corporation or a facsimile thereof. The Notes shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 5. Subject to the rejection of the Notes by the Director of Finance for investment in the Bond Retirement Fund, the Notes shall be sold at private sale at not less than the par value thereof by the Director of Finance at an interest rate not exceeding that specified in Section 3 of this ordinance pursuant to and in