|
ORDINANCE NO. 81-90
<br />
<br />By: Boscia, Gallagher, Gazzana,
<br /> George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $320,000 1987 Sewer Improve-
<br />ment 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 sewer lines and any necessary appurtenances thereto.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 76-87 passed September 8, 1988,
<br />this Council authorized the issuance of notes in anticipation of the issuance
<br />of bonds in the principal amount of $800,000 for the purpose hereinafter stated,
<br />which notes were dated October 16, 1987, and matured on October 14, 1988, which
<br />notes were retired with funds of the City in the amount of $160,000 and with the
<br />proceeds of notes in the principal amount of $640,000, which notes were dated
<br />October 14, 1988 and matured on October 13, 1989, which notes were retired with
<br />funds of the City in the amount of $160,000 and with the proceeds of notes in
<br />the principal amount of $480,000, which notes are dated October 13, 1989 and will
<br />mature on October 12, 1990; and
<br />
<br /> WHEREAS, the Council of the City has determined that the amount of
<br />$160,000 is now available to apply against the principal of said notes and that
<br />after the application of said $160,000 to the payment thereof, the remaining
<br />outstanding principal amount of said notes (to wit $320,000) shall be funded by
<br />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 forty (40) years and that the maximum maturity
<br />of notes issued in anticipation of said bonds is twenty (20) 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 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 $320,000 for the purpose of
<br />constructing and renovating sewer lines and any 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
<br />thirty (30) annual installments after their issuance.
<br />
<br /> ~ection 3. It is hereby determined that notes (hereinafter called
<br />the "Notes") in the principal amount of $320,000 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 or rates 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 at private sale, such interest to be payable
<br />at 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 11, 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 />
<br />
<br />
|