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PLACED ON FIRST READING and REFERR!
<br /> to FINANCE CMTE on5/6/91.
<br />PLACED ON SECOND READING on 5/20/91
<br />
<br />ORDINANCE NO. 3 9 - 91
<br />
<br />By: Gallagher, George, Graham,
<br /> Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $935,000 Street
<br />Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of paying the property
<br />owners' portion, in anticipation of the levy and collection of special
<br />assessments ($250,000), and the City's portion ($685,000) of the' cost of
<br />improving certain streets in the City of Lakewood, Ohio by removal, where
<br />necessary, of the existing surface course, by grading and replacement, where
<br />necessary, of the base, and by resurfacing with asphaltic concrete, including the
<br />necessary replacement and resetting of castings together with the necessary
<br />appurtenances thereto, and installation of traffic signalization devices.
<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 five (5) years and that the maximum maturity of
<br />notes issued in anticipation of said bonds is December 31, 1996; 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 for the
<br />improvements urgently needed by 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 $935,000 for the purpose of paying
<br />the property owners' portion, in anticipation of the levy and collection of
<br />special assessments ($250,000), and the City's portion ($685,000) of the cost of
<br />improving certain streets in the City of Lakewood, Ohio by removal, where
<br />necessary, of the existing surface course, by grading and replacement, where
<br />necessary, of the base, and by resurfacing with asphaltic concrete, including the
<br />necessary replacement and resetting of castings together with the necessary
<br />appurtenances thereto, and installation of traffic signalization devices.
<br />
<br /> Section 2. Said bonds shall be dated approximately June 1, 1992,
<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 five
<br />(5) 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 $935,000 shall be issued in anticipation
<br />of the issuance of said bonds for the above-described purpose. The Notes shall
<br />bear interest at a rate not exceeding the maximum interest rate of ten per centum
<br />(10%) per annum, as may be fixed by the Director of Finance in her certificate
<br />awarding the Notes, such interest to be payable at maturity, with provision, if
<br />requested by the purchaser, that, in the event of default, the same shall bear
<br />interest at a rate not exceeding the maximum interest rate of ten per centum
<br />(10%) per annum until the principal sum is paid; shall be dated their date of
<br />issuance; shall mature one year from such date; shall not be subject to
<br />redemption by the City at any time prior to maturity; and shall be payable as to
<br />both principal and interest at the office of the Director of Finance of the City,
<br />or at banks or trust companies, as determined by the Director of Finance, without
<br />deduction for exchange, collection or service charge.
<br />
<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, Series
<br />1991B"; such notes shall contain a summary statement of purposes encompassing the
<br />purpose for which the Notes are issued; shall state that they are issued pursuant
<br />to this ordinance; shall be issued in such n~nbers and denominations as may be
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