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<br />PLACED ON FIRST~READING and REFERRED
<br />to FINANCE CMTL In 5/6/91.
<br />PLACED ON SECOND READING on 5/20/91.
<br />
<br />ORDINANCE NO.
<br />
<br />41-91
<br />
<br />By:
<br />
<br />Gallagher, George, Graham,
<br />Roth, Smith
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $l,l't.5, 000 Fire
<br />Station Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation
<br />of the issuance of bonds for the purpose of acquiring real estate for a fire
<br />station, installing communication facilities for firé stations and renovating,
<br />furnishing and equipping a fire station
<br />
<br />WHEREAS, the Director of Finance, as fiscal officer, has certified
<br />to this Council that the estimated life of the facility hereinafter mentioned is
<br />at least five (5) years and has further certified the maximum maturity of the
<br />hereinafter mentioned bonds is at least twenty (20) 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 for the
<br />facility urgently needed by the City;
<br />
<br />NOW, THEREFORE, BE IT OßDAINED 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 $1,145,000 for the purpose of
<br />acquiring real estate för a fire station, installing communication facilities for
<br />fire stations and renovating, furnishing and equipping a fire station.
<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
<br />twenty (20) annual installments after the,ir issuance
<br />
<br />Section 3, It is hereby determined that notes (hereinafter called
<br />the "Notes") in the principal amount of $1,145,000 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 her
<br />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 prinçipal sum is paid; shall be dated their date
<br />of 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 bé payable as to
<br />both principal and il!:terest at the office of the Director of Finance of the City,
<br />or at banks or trust ¿ompanies, 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 ReviseåCode, the
<br />Director of Finance may combine the Notes with other nötes 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 numbers and denominations as may be
<br />requested by the original purchaser; and shall be executed by the Mayor and
<br />Director of Financ~, provided that one of such signatures may be a facsimile
<br />signature.
<br />
<br />Section 5, Th~ Notes shall be sold at not less than the par value
<br />thereof in a manner determined by the Director of Finance to the purchaser
<br />offering the lowest interest cost to the City at an. interest rate not exceeding
<br />that specified in Section 3 of this ordinance after distribution to prospective
<br />purchasers of the Notes of an Invitation for Proposals substantially in the form
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