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O~IN~C~ NO. § 0 - 9 0
<br />
<br />By: 'Gallagher, Gazzana,
<br /> George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $180,000 1988 Sidewalk
<br />Improvement Bond Anticipation Notes - Series B - 1990 Renewal of the City
<br />of Lakewood, Ohio, in anticipation of the issuance of bonds, for the pur-
<br />pose of paying the property owners' portion, in anticipation of the levy
<br />and collection of special assessments, and the City's portion of the cost
<br />of reconstructing and repairing certain concrete sidewalks in the City of
<br />Lakewood, Ohio.
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the improvements
<br />hereinafter mentioned is at least five (5) years and has further certi-
<br />fied the maximum maturity of the hereinafter mentioned bonds is five (5)
<br />years and that the maximum maturity of notes issued in anticipation of
<br />said bonds is five (5) years from the date of issuance of the original
<br />notes~ and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 70-88 passed July 26, 1988,
<br />the Council of the City authorized the issuance of notes in anticipation
<br />of the issuance of bonds in the principal amount of $300,000 for the
<br />purpose hereinafter stated, which notes were dated August 26, 1988 and
<br />matured on August 25, 1989, which notes were retired with the proceeds of
<br />notes in the principal amount of $240,000 and with funds of the City in
<br />the amount of $60,000, which notes are dated August 25, 1989 and will
<br />mature on August 24, 1990~ and
<br />
<br /> WHEREAS, the Council of the City has determined that $60,000
<br />is now available to apply against the principal of said notes and that
<br />after the application of said $60,000 to the payment thereof, the
<br />~emaining outstanding principal of said notes (to wit, $180,000) shall be
<br />funded by the issuance of new notes in anticipation of the issuance of
<br />bonds for the purpose hereinafter stated~ and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which is
<br />necessary for the immediate preservation' of the public peace, property,
<br />health, safety and welfare in the City and for the further reason.that the
<br />immediate issuance and sale of 'the notes herein authorized is necessary
<br />to provide funds to retire the outstanding notes which are about to mature
<br />and thereby protect the credit of the City~
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF LAKEWOOD,
<br />CUYAHOGA COUNTY, OHIO:
<br />
<br /> Section 1. That it is hereby declared necessary to issue
<br />bonds of the City of Lakewood in the principal amount of $180,000 for the
<br />purpose of paying the property owners' portion ($7~,000), in anticipation
<br />of the levy and collection of special assessments, and the City's portion
<br />($108,000) of the cost of reconstructing and repairing certain concrete
<br />sidewalks in the City of Lakewood, Ohio, in the manner and between the
<br />termini provided in Resolution No. 4771-70 duly adopted by the Council of
<br />the City on April 20, 1970.
<br />
<br /> Section 2. That said bonds shall be dated approximately
<br />August 1, 1991, shall bear interest at the estimated rate of ten per
<br />centum (10%) per annum~ payable semi-annually, until the principal sum is
<br />paid, and shall mature in five (5) annuai installments after their
<br />issuance.
<br />
<br /> Section 3. That it is hereby determined that notes (herein-
<br />after called the "Notes") in the principal amount of $180,000 shall be
<br />
<br />
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