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' PLACED ON FIRST READING & REFERRED TO FINANCE CMTE 7/1/9
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<br />ORDINANCE NO. 5 6 - 91 By:
<br />
<br />Boscia, Gallagher, Gazzana,
<br />George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $224,400 1989 Motorized
<br />Equipment Bond Anticipation Notes - 1991 Renewal of the City of Lakewood, Ohio,
<br />in anticipation of the issuance of bonds, for the purpose of purchasing motorized
<br />equipment
<br />
<br /> WHEREAS, the Fiscal Officer (as hereinbelow defined) has certified
<br />to this Council that the estimated life of the equipment 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 ten (10) years from the date of
<br />issuance of the original notes; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 54-89 passed July 17, 1989, the
<br />Council of the City authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $280,500 for the purpose hereinafter
<br />stated, which notes were dated August 25, 1989 and matured on At%gust 24, 1990,
<br />which notes were retired with the proceeds of notes in the principal amount
<br />$224,400 and with funds of the City in the amount of $56,100, which notes are
<br />dated August 24, 1990 and will mature on August 23, 1991; and
<br />
<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 Ztated; 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 to retire the
<br />outstanding notes which are about to mature and thereby protect the credit of the
<br />City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio:
<br />
<br /> Section l. It is hereby declared necessary to issue bonds of the
<br />City of Lakewood in the principal amount of $224,400 for the purpose of
<br />purchasing motorized equipment.
<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 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 $180,000 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
<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 Fiscal Officer of the City, or
<br />at banks or trust companies, as determined by the Fiscal Officer, without
<br />deduction for exchange, collection or service charge. "Fiscal Officer'~ as used
<br />in this ordinance means the City's Director of Finance, Assistant Director of
<br />Finance~ Acting Director of Finance or Director of Public Works~
<br />
<br /> Section 4. Pursuant to Section 133.30(B), Ohio Revised Code, the
<br />Fiscal Officer may combine the Notes with other notes into a single consolidated
<br />issue of notes for purposes of their Sale as a single issue, to be designated
<br />
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