05-90 Real Estate Acquisition Bond $485,000

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Placed on FIRST READING~and REFERRED to FINANCE COMMITTEE~om 2/5/90. PLACED on SECOND READING on 2/20/90. ORDINANCE NO. 5-90 By: Boscia, Gallagher, George, Roth, Smith AN EMERGENCY ORDINANCE to provide for $485,000 Real Estate Acquisition Bond Anticipation Notes - 1990 Renewal of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of acquiring real estate for municipal purposes. WHEREAS, pursuant to Ordinance No. 8-89 passed March 6, 1989, this Council authorized the issuance of notes in the anticipation of the issuance of bonds in the principal amount of $485,000 for the purpose hereinafter stated, which notes were dated March 28, 1989, and will mature on March 28, 1990; and WHEREAS, this Council has determined to renew said notes at maturity; and 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 five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is thirty (30) 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; 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 principal amount of $485,000 for the purpose of acquiring real estate for municipal purposes, Section 2. Said bonds shall be dated approximately October 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) annual installments after their issuance. Section 3. It is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $485,000 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 her certificate awarding the Notes at private sale, such interest to be payable at maturity with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a rate or rates not exceeding the maximum interest rate of fifteen per centum (15%) per annum until the principal sum is paid; Shall be dated March 28, 1990 and shall mature October 12, 1990; shall not be subject to redemption by the City at any time prior to maturity; shall be designated "Real Estate