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PLACED ON FIRST READING & REFERRED TO FINANCE CMTE 7/1/9
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<br />ORDINANCE NO. 5 5 - 91 By:
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<br />Boscia, Gallagher, Gazzana,
<br />George, Graham, Roth, Smith
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<br /> AN EMERGENCY ORDINANCE to provide for $960,000 Foster Pool
<br />Improvement Bond Anticipation Notes - 1991 Renewal of the City of Lakewood, Ohio,
<br />in anticipation of the issuance of bonds; for the purpose of paying the costs of
<br />improving swimming pool facilities at Foster Pool by rehabilitating and equipping
<br />the existing bath house, replacing the pool drainage system, pool decking, wading
<br />pool and filtration system and improving the site thereof.
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<br /> WHEREAS, the FiscalOfficer (as hereinbel°w defined) has certified
<br />to this Council that the estimated life of the improvement hereinafter mentioned
<br />is at least five (5) years and has further certified the maximummaturlty of the
<br />hereinafter mentioned bonds is twenty-one (21) 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
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<br /> WHEREAS, pursuant to Ordinance No. 76-86 passed July 21, 1986, the
<br />Council of the City authorized notes in anticipation of the issuance of bonds in
<br />the principal amount of .$1,200,000 for the purpose hereinafter stated, which
<br />notes were dated August 26, 1986 and matured on August 26, 1987, which notes were
<br />retired with funds of the City in the amount of $60,000 and with the proceeds of
<br />notes in the principal amount of $1,140,000, which notes were dated August 26,
<br />1987 and matured on August 26, 1988, which notes were retired with funds of the
<br />City in the amount of $60,000 and with the proceeds of notes in the principal
<br />amount of $1,080,000, which notes were dated August 26, 1988 and matured on
<br />August 25, 1989, which notes were retired with funds of the City in the amount
<br />of $60,000 and with the proceeds of notes in the principal amount of $1,020,000,
<br />which notes were dated August 25, 1989 and matured on August 24, 1991, which
<br />notes were retired with funds of the City in the amount of $60,000 and with the
<br />proceeds of notes in the principal amount of $960,000, which notes are dated
<br />August 24, 1990and will mature onAugust 23, 1991'; and
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<br /> WHEREAS, the Council of the City has determined that said notes shall
<br />be funded by the issuance of new notes in anticipation of the issuance of bonds
<br />for the purpose hereinafter stated; and
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<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 />sa,le of the notes herein authorized is necessary to provide funds to retire the
<br />outstanding note~ which are about to mature and thereby protect the credit of the
<br />City;
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<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio:
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<br /> Section 1. It is hereby declared necessary to issue bonds of the
<br />City of Lakewood in the principal amount of $960,000 for the purpose of paying
<br />the costs of improving swimming pool facilities at Foster Pool by rehabilitating
<br />and equipping the existing bath house, replacing the pool drainage system, pool
<br />decking, wading pool and filtration system and improving the site thereof.
<br />
<br /> Section 2. Said bonds shall be dated approximately August 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-one (21) annual installments after their issuance.
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<br /> Section 3. It is hereby determined that notes (hereinafter called
<br />the "Notes") in the principal amount of $960,000 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 Fiscal Officer in his 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
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