22-90 1988 Street Improvement Bonds $202,500

Home Browse Search

ORDINANCE NO. 2 2-9 0 BY: Boscia, Gallagher, Gazzana, George, Graham, Roth, Smith AN EMERGENCY ORDINANCE to provide for the issuance of $202,500 1988 Street Improvement Bonds of the City of Lakewood, Ohio, for the purpose of paying the cost of resurfacing certain streets in the City of Lakewood, together with the necessary appurtenances thereto. WHEREAS, pursuant to Ordinance No. 21-89 passed April 17, 1989, this Council authorized the issuance of notes in anticipation of the issuance of bonds in the principal amount of $270,000 for the pur- pose hereinafter stated, which notes were dated May 12, 1989, and will mature on May 11, 1990; and WHEREAS, the Director of Finance, as fiscal officer, has certified to the maximum maturity of the bonds proposed to be issued and as to the estimated life of the improvements so constructed; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare and for the further reason that the ~mmediate issuance and sale of the bonds herein authorized is necessary to provide funds to retire the presently outstanding bond anticipation notes at maturity; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood: Section 1. It is hereby declared necessary to issue bonds (hereinafter called the "Bonds") of the City of Lakewood in the princi- pal amount of $202,500 for the purpose of paying the cost of resurfacing certain streets in the City of Lakewood, together with the necessary appurtenances thereto. Section 2. Said Bonds shall be dated May 1, 1990; shall be numbered and in such denominations as determined by the Director of Finance; and shall bear interest from their respective dates at such rate or rates not exceeding the maximum interest rate of ten per centum (10%) per annum, as may be fixed by the Director of Finance in her certificate awarding the Bonds at private sale, payable semiannually on the first day of June and the first day of December of each year (the "Interest Payment Dates"), beginning December 1, 1990, until the principal sum is paid. Such Bonds shall mature as follows: $42,500 on December 1, 1991; and $40,000 on December 1 in each of the years from 1992 to 1995, inclusive. Section 3. Pursuant to Section 133.30(B), Ohio Revised Code, the Director of Finance may combine the Bonds with other bonds into a single consolidated issue of bonds for purpose of their sale as a single issue, to be designated "Various Purpose General Obligation Bonds, Series 1990"; such bonds shall contain a summary statement of purposes encompassing the purpose for which the Bonds are issued; shall state that they are issued pursuant to this ordinance; shall be executed by the Mayor and by the Director of Finances both of whose signatures may be facsimile signatures; shall be issued only in fully registered form; and shall be registered as to both principal and interest at the corporate trust office of the City's registrar, presently Ameritrust Company National Association, Cleveland, Ohio (the "Registrar"). The principal on the Bonds shall be payable upon presentation and surrender thereof to the Registrar. Interest on any Bond shall be paid on each Interest Payment Date by check or draft mailed to the person in whose