17-91 $210,000 Parks Improvement Note

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PLACED ON FIRST READING and Referred to FINANCE COMMITTEE on 2/19/91. PLACED ON SECOND READING 3/4/91. ORDINANCE NO. 1 7 - 91 By: Gallagher, Gazzana, Graham, Roth, Smith George, AN EMERGENCY ORDINANCE to prOVide for the issuance of $210,O00Parks Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of improving parks by installing playground safety surfaces, constructing a miniature golf facility and bandstand and remodeling a pavilion. 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 certified the maximum maturity of the hereinafter mentioned bonds is eighteen (18) 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, 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 urgently needed by 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 $210,000 for the purpose of improving parks by installing playground safety surfaces, constructing a miniature golf facility and bandstand and remodeling a pavilion. Section 2. That said bonds shall be dated approximately April 1, 1992, 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 eighteen (18) annual installments after their issuance. Section 3. That it is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $210,000 shall be issued in anticipation of the issuance of said bonds for t~e above-described purpose. The Notes shall bear interest at a rate not exceeding the maximum interest rate of ten per centum (10%) per annum, as may be fixed by the Director of Finance in her certificate awarding the Notes, such interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a rate not exceeding the maximum interest rate of ten per centum (10%) per annum until the principal sum is paid; shall be dated their date of issuance; shall mature one year from such date; shall not be subject to redemption by the City at any time prior to maturity; and shall be payable as to both principal and interest at the office of the Director of Finance of the City, or at banks or trust companies, as determined by the Director of Finance, without deduction for exchange, collection or service charge. Section 4. Pursuant to Section 133.30(B), Ohio Revised Code, the Director of Finance may combine the Notes with other notes into a single consolidated issue of notes for purposes of their sale as a single issue, to be designated "Various Purpose General Obligation Bond Anticipation Notes, Series 1991"; such notes shall contain a summary statement of purposes encompassing the purpose for.which the Notes are issued; shall state that they are issuedpursuant to this ordinance; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be executed by the Mayor and Director of Finance, provided that one of such signatures may be a facsimile signature. Section 5. The Notes shall be sold at not less than the par value thereof in a manner determined by the Director of Finance to the purchaser offering the lowest interest cost to the City at an interest rate not exceeding that specified in Section 3 of this ordinance pursuant to and in accordance with