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ORDINANCE NO. 80-90
<br />
<br />Bosnia, G~llagher, Gazzana,
<br />George, Graham, Roth, SmLth
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $288,000 Fire Truck Acquisition
<br />Bond Anticipation Notes - 1990 Renewal of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of paying the costs of
<br />acquiring a fire truck and all necessary appurtenances thereto.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 74-89 passed November 20, 1989
<br />this Council authorized the issuance of notes in anticipation of the issuance
<br />of bonds in the principal amount of $360,000 for the purpose hereinafter stated,
<br />which notes are dated December 15, 1989 and will mature on October 12, 1990; and
<br />
<br /> WHEREAS, the Council of the City has determined that the amount of
<br />$72,000 is now available to apply against the principal of said notes and that
<br />after the application of said $72,000 to the' payment thereof, the remaining
<br />outstanding principal amount of said notes (to wit, $288,000) 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 improvement hereinafter mentioned
<br />is at least five (5) years and has further certified the maximum maturity of the
<br />hereinafter mentioned bonds is ten (10) years and that the maximum maturity of
<br />notes issued in anticipation of said bonds is fifteen (15) years from the date
<br />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 at maturity and thereby protect the credit of 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 $288,000 f~r the purpose of paying
<br />the costs of acquiring a fire truck and all necessary 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 ten
<br />(10) annual installments after their issuance.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter called
<br />the "Notes") in the principal amount of $288,000 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 October 11, 1991; shall
<br />not be subject to redemption by the City at any time prior to maturity; and
<br />shall be payable as to both principal and interest at the offices of the Director
<br />of Finance of the City, or at banks or trust companies, as determined by the
<br />Director of Finance, without deduction for exchange, collection or service
<br />charge.
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<br /> Section 4. Pursuant to Section 133.30(B), Ohio Revised Code, the
<br />Director of Finance may combine the Notes with other notes into a single
<br />consolidated issue of notes for purposes of their sale as a single issue, to be
<br />designated "Various Purpose General Obligation Bond Anticipation Notes - 1990
<br />
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