64-90 Sewer Improvement Bond $208,000

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ORDINANCE NO. 64-90 Gallagher, Gazzana, George, Graham, Roth, Smith AN EMERGENCY ORDINANCE to provide for $208,000 1989 Sewer Improvement Bond Anticipation Notes - 1990 Renewal of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of reconstructing sanitary and storm sewer lines and any necessary appurtenances thereto. WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvements hereinafter mentioned is at least five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is forty (40) 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, pursuant to Ordinance No. 55-89 passed July 17, 1989, the Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in the principal amount of $260,000 for the purpose hereinafter stated, which notes are dated August 25, 1989 and will mature on August 24, 1990; and WHEREAS, the Council of the City has determined that $52,000 is now available to apply against the prinqipal of said notes and that after the application of said $52,000 to the payment thereof, the remaining outstanding principal of said notes (to wit, $208,000) shall be funded by the issuance of new notes in anticipation of the issuance of bonds for the purpose hereinafter stated; 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 necessary 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 $208,000 for the purpose of reconstructing sanitary and storm sewer' lines and any necessary appurtenances thereto. Section 2. Said bonds shall be dated approximately August 1, 1991, 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 $208,000 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 fifteenper 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; shall be dated August 24, 1990; shall mature on August 23, 1991; shall not be subject to redemption by the City at any time prior to maturity, unless the original purchaser of the Notes requests that the Notes provide for such redemption, in which case provisions shall be made for calling the Notes for redemption upon ten (10) days written notice to the original purchaser; and shall be payable as to both principal and interest at the