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PLACED ON FIRST READING and REFERR~
<br />to FINANCE CMTE on 5/6/91.
<br />PLACED ON SECOND READING on 5/20/9
<br />
<br />ORDINANCE NO. 4 3 - 91
<br />
<br />By: Gallagher, George, Graham
<br /> Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $169,000 Curb
<br />Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of constructing,
<br />reconstructing and replacing curbing.
<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 twenty (20) 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 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 $169,000 for the purpose of
<br />constructing, reconstructing and replacing curbing.
<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 their issuance.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter called
<br />the "Notes") in the principal amount of $169,000 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 numbers and denominations as may be
<br />requested by the original purchaser; and shall be executed by the Mayor and
<br />Director of Finance, provided that one of such signatures may be a facsimile
<br />signature.
<br />
<br /> Section 5. The 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
<br />attached hereto as Exhibit 1. The Director of Finance shall obtain the
<br />assistance of Calfee, Halter & Griswold, Bond Attorneys, Cleveland, Ohio, cause
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