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ORDINANCE NO. 61-90
<br />
<br />my: Gallagher, George,
<br />Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to prc~ide for $340,000 Sewer System
<br />Improvement Bond Anticipation Notes - 1990 Renewal of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose
<br />of making improvements to the City's sewage treatment and disposal works
<br />and its ancillary systems.
<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 forty (40)
<br />years and that the maximum maturity of notes issued in anticipation of
<br />said bonds is twenty (20) years from the date of issuance of the original
<br />notes~ and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 58-81 passed June 15, 1981,
<br />the Council of the City authorized the issuance of notes in anticipation
<br />of the issuance of bonds in the principal amount of $4,385,000 for the
<br />purpose hereinafter stated, which notes were dated August 6, 1981, and
<br />matured on August 6, 1982, which notes were retired with funds of the City
<br />in the amount of $35,000 and with the proceeds of notes in the principal
<br />amount of $4,350,000, which notes were dated August 6, 1982, and matured
<br />on August 5, 1983, which notes were retired with funds of the City in the
<br />amount of $350,000 and with the proceeds of notes in the principal amount
<br />of $4,000,000, which notes were dated August 5, 1983, and matured on
<br />April 12, 1984, which notes were retired with the proceeds of notes in the
<br />principal amount of $4,000,000, which notes were dated March 16, 1984, and
<br />matured on July 16, 1984, which notes were retired with the proceeds of
<br />notes in the principal amount of $4,000,000, which notes were dated
<br />July 13, 1984, and matured on December 14, 1984, which notes were retired
<br />with the proceeds of notes in the principal amount of $4,000,000, which
<br />notes were dated November 15, 1984 and matured on November 14, 1985, which
<br />notes were retired with funds of the City in the amount of $660,000 and
<br />with the proceeds of notes in the principal amount of $3,340,000, which
<br />notes were dated November 14, 1985 and matured on October 17, 1986, which
<br />notes were retired with proceeds of notes in the principal amount of
<br />$2,740,000,' which notes were dated October 17, 1986 and matured on
<br />August 26, 1987, which notes were retired with funds of the City in the
<br />amount of $600,000 and with proceeds of notes in the principal amount of
<br />$2,140,000, which notes were dated August 26, 1987 and matured on
<br />August 26, 1988, which notes were retired with funds of the City in the
<br />amount of $600,000 and with proceeds of notes in the amount of $1,540,000,
<br />which notes were dated August 26, 1988 and matured on August 25, 1989,
<br />which notes were retired with funds of the City in the amount of $600,000
<br />and with proceeds of notes in the amount of $940,000, which notes are
<br />dated August 25, 1989 and will mature on .August 24, 1990~ and
<br />
<br /> WHEREAS, the Council of the City has determined that $600,000
<br />is now available to apply against the principal of said notes and that
<br />after the application of said $600,000 to the payment thereof, the
<br />remaining outstanding principal of said notes (to wit, $340,000) 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 /> WB~RF2~, 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 />
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