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O~OIN~Cm NO. 78-90 By: Boscia, Gallagher, Gazzana,
<br /> George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $161,000 1988 Sewer Improvement
<br />Bond Anticipation Notes - 1990 Renewal of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of constructing and
<br />renovating storm and sanitary sewer lines and any necessary appurtenances
<br />thereto.
<br /> WHEREAS, pursuant to ordinance No. 88-88 passed November 7, 1988,
<br /> this Council authorized the issuance of notes in anticipation of bonds in the
<br /> principal amount of $270,000 for the purpose hereinafter stated, which notes were
<br /> dated December 15, 1988 and matured on December 15, 1989, which notes were
<br /> retired with funds of the City in the amount of $55,000 and with the proceeds
<br /> of notes in the principal amount of $215,000, which notes are dated December 15,
<br /> 1989 and will mature on October 12, 1990; and
<br /> WHEREAS, the Council of the City determined that the amount of
<br /> $54,000 is now available to apply against the principal of said notes and that
<br /> after the application of said $54,000 to the payment thereof, the remaining
<br /> outstanding principal amount of said notes (to wit, $161,000) shall be funded
<br /> by the issuance of new notes in anticipation of the issuance of bonds for the
<br /> purpose hereinafter stated; and
<br /> WHEREAS, the Director of Finance, as fiscal officer, has certified
<br /> to this Council that the estimated life of the improvements hereinafter mentioned
<br /> is at least five (5) years and has further certified the maximum maturity of the
<br /> hereinafter mentioned bonds is at least twenty (20) years and that the maximum
<br /> maturity of notes issued in anticipation of said bonds is twenty (20) years from
<br /> the date of issuance of the original notes; and
<br /> WHEREAS, this ordinance is an emergency measure which is necessary
<br /> for the immediate preservation of the public peace, property, health, safety and
<br /> welfare in the City and for the further reason that the immediate issuance and
<br /> sale of the notes herein authorized is necessary to provide funds to retire the
<br /> outstanding notes which are about to mature and thereby protect the credit of
<br /> the City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br /> County, Ohio:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of the
<br /> City of Lakewood in the principal amount of $161,000 for the purpose of
<br /> constructing and renovating storm and sanitary sewer lines and any necessary
<br /> appurtenances thereto.
<br />
<br /> Section 2. Said bonds shall be dated approximately October 1, 1991,
<br /> shall bear interest at the estimated rate of ten per centum (10%) per annum,
<br /> payable semi-annually, until the principal sum is paid, and shall mature in
<br /> twenty (20) annual installments after their issuance.
<br /> Section 3. It is hereby determined that notes (hereinafter called
<br /> the "Notes") in the principal amount of $161,000 shall be issued in anticipation
<br /> of the issuance of said bonds for the above-described purpose. The Notes shall
<br /> bear~interest at such rate not exceeding the maximum interest rate of ten per
<br /> centum (10%) per annum, as may be fixed by the Director of Finance in her
<br /> certificate awarding the Notes, at private sale, such interest to be payable at
<br /> maturity with provision, if requested by the original purchaser, that, in the
<br /> event of default, the same shall bear interest at a rate not exceeding the
<br /> maximum interest rate of ten per centum (10%) per annum until the principal sum
<br /> is paid; shall be dated October 12, 1990 and shall mature on October il, 1991;
<br /> shall not be subject to redemption by the City at any time prior to maturity;
<br /> and shall be payable as to both principal and interest at the offices of the
<br /> Director of Finance of the City, or at banks or trust companies, as determined
<br /> by the Director of Finance, without deduction for exchange, collection or service
<br /> charge.
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