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ORDINANCE NO. 7g-g~
<br />
<br />By:
<br />
<br />Boscia, G~lagher, Gazzana,
<br />George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $234,000 Off-Street Parking
<br />Improvement Bond Anticipation Notes - 1990 Renewal of the City of Lakewood, Ohio,
<br />in anticipation of the issuance of bonds, for the purpose of acquiring, clearing
<br />and improving real estate for off-street parking of motor vehicles.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 77-87 passed September 8, 1987,
<br />this Council authorized the issuance of notes in anticipation of the issuance
<br />of bonds in the principal amount of $330,000 for the purpose hereinafter stated,
<br />which notes were dated December 15, 1987, and matured on December 15, 1988, which
<br />notes were renewed by notes in the principal amount of $330,000 authorized by
<br />Ordinance No. 87-88 passed November 7, 1988, which notes were dated December 15,
<br />1988 and matured on December 15, 1989, which notes were retired with funds of
<br />the City in the amount of $30,000 and with the proceeds of notes in the principal
<br />amount of $300,000, which notes are dated December 15, 1989 and will mature on
<br />October 12, 1990; and
<br />
<br /> WHEREAS, the Council of the City has determined that the amount of
<br />$66,000 is now available to apply against the principal of said notes and that
<br />after the application of said $66,000 to the payment thereof, the remaining
<br />outstanding principal amount of said notes (to wit, $234,000) 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 />
<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 ten (10) 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 />
<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 thereb~ 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 $234,000 for the purpose of
<br />acquiring, clearing and improving real estate for off-street parking of motor
<br />vehicles.
<br />
<br /> Section 2. That said bonds shall be dated approximately October 1,
<br />1991, shall bear interest at the estimated rate of ten per centum (10%) per
<br />annum, payable semi-annually, until the principal sum is paid, and shall mature
<br />in ten (10) annual installments after their issuance.
<br />
<br /> Section 3. That it is hereby determined that notes (hereinafter
<br />called the "Notes") in the principal amount of $234,000 shall be issued in
<br />anticipation of the issuance of said bonds for the above-described purpose. The
<br />Notes shall bear interest at a rate not exceeding the maximum interest rate of
<br />ten per centum (10%) per annum, as may be fixed by the Director of Finance in
<br />her certificate awarding the Notes, such interest to be payable at maturity, with
<br />provision, if requested by' the purchaser, that, in the event of default, the same
<br />shall bear interest at a rate not exceeding the maximum interest rate of ten per
<br />centum (10%) per annum until the principal sum is paid; shall be dated
<br />October 12, 1990 and shall mature October 11, 1991; shall not be subject to
<br />redemption by the City at any time prior to maturity; and shall be payable as
<br />to both principal and interest at the office of the Director of Finance of the
<br />
<br />
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