74-89 Anticipation Notes $360K Fire Truck

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ORDINANCE NO. 74-89 By: Brown, Gazzana, George, Graham, Wendling AN EMERGENCY ORDINANCE to provide for $360,000 Fire Truck Acquisition Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of paying the costs of acquiring a fire truck and all necessary appurtenances thereto. WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvement hereinafter mentioned is at least ten (10) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is at least ten (10) years and that the maximum maturity of notes issued in antici- pation of said bonds is fifteen (15) years from the date of issuance of the original notes; 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 ~mmediate issuance and sale of the notes herein authorized is neces- sary to provide funds to acquire equipment urgently needed to protect property and citizens in 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 $360,000 for the purpose of paying the costs of acquiring a fire truck and all necessary appurtenances thereto. Section 2. Said bonds shall be dated approximately October I, 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 ten (10) annual installments after their issuance. Section 3. It is hereby determined that notes (hereinafter called the'"Notes") in the principal amount of $360,000 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 October 12, 1990; shall not be subject to redemption by the City at any time prior to maturity; shall be designated "Fire Truck Acquisition 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 inter- est 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. The Notes shall be sold at not less than the par value thereof in a manner determined by the Director of Finance to the