72-89 Anticipation Notes $215K 1988 Sewer Improvements

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ORDINANCE NO. 72-89 By: Brown, Gazzana, Oeorge, Graham, Wendlin AN EMERGENCY ORDINANCE to provide for $215,000 1988 Sewer Improvement Bond Anticipation Notes - 1989 Renewal of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of constructing and renovating storm and sanitary sewer lines and any necessary appurtenances thereto. WHEREAS, pursuant to Ordinance No. 88-88 passed November 7, 1988, this Council authorized the issuance of notes in anticipation of bonds in the principal amount of $270,000 for the purpose hereinafter stated, which notes were dated December 15, 1988 and will mature on December 15, 1989; and WHEREAS, the amount of $55,000 is now available to apply against the princ/pal of said notes and that after the application of said $55,000 to the payment thereof the remaining outstanding principal amount of said note (to wit, $215,000) new notes in anticipation of the issuance of bonds for the purpose hereinafter stated; and WHEREAS, the D/rector 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 at least twenty (20) years and that the maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the date of issu- ance 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 provide funds to retire the outstanding notes which are about to mature and thereby protect the credit 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 princfpal amount of $215,000 for the purpose of constructing and renovating storm and sanitary sewer lines and any necessary appurtenances thereto. Section 2. Said bonds shall be dated approximately October 1, 1990, shall bear interest at the estimated rate of ten per centum (10Z) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty (20) annual installments after their issuance. Section 3. It is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $215,000 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, such interest to be payable at maturity; shall be dated December 15, 1989 and shall mature on October 12, 1990; shall not be subject to redemption by the City at any time prior to maturity; shall be designated "1988 Sewer Improvement Bond Anticipation Notes - 1989 Renewal"; shall be issued in such numbers and denominations as may