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-PLACED ON FIRST' READING & REFERRED TO FINANCE
<br /> CMTB on .9/3/91.
<br />
<br />ORDINANCE NO. 7 4 - 91
<br />
<br />By: Boscia, Gallagher, Gazzana,
<br /> George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $2,500,000 1990 Real Estate
<br />Acquisition Bond Anticipation Notes - 1991 Renewal of the City of Lakewood, Ohio,
<br />in anticipation of the issuance of bonds for the purpose of constructing roadways
<br />and installing water mains, sanitary and storm sewers and sidewalks and all
<br />necessary appurtenances thereto, improving sites for off-street parkingof motor
<br />vehicles and a park and acquiring real estate therefor.
<br /> WHEREAS, this Council desires to exercise its powers pursuant to
<br />Sections 3, 7 and 10 of Article XVIII of the Ohio Constitution to acquire and
<br />improve real estate and issue the notes hereinafter authorized for such purpose;
<br />and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 83-90 passed October 1, 1990, this
<br /> Council authorized the issuance of notes in anticipation of the issuance of bonds
<br /> in the principal amount of $1.,500,000 for the purpose hereinafter stated, which
<br /> notes are dated October 10, 1990, and will mature on October 10, 1991; and
<br /> WHEREAS, the Council of the City has determined that the outstanding
<br /> principal of said notes shall be funded at maturity by the issuance of new notes
<br /> in anticipation of the issuance of bonds for the purpose hereinafter stated and
<br /> the principal amount of said new notes shall be increased to $2,500,000; and
<br /> WHEREAS, the Fiscal Officer (as hereinbelow 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 maximum maturity of the
<br /> hereinafter mentioned bonds is at least twenty (2'0) 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 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 1. It is hereby declared necessary to issue, bonds of the
<br /> City of Lakewood in the principal amount of $2,500,000 for the purpose of
<br /> constructing roadways and installing water mains, sanitary and storm sewers and
<br /> sidewalks and all necessary appurtenances thereto, improving sites for off-street
<br /> parking of motor vehicles and a park and acquiring real estate theref°r.
<br /> Section 2. Said bonds shall be dated approximately October 1, 1992,
<br /> shall.bear interest at the estimated rate of eight per centum (8%) 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 $2,500,000 shall be issued in
<br /> anticipation of the issuance of said bonds for the above-described purpose. The
<br /> Notes shall bear interest at such rate not'exceeding the maximum interest rate
<br /> of eight per centum (8%) per annum, as may be fixed by the Fiscal Officer in his
<br /> certificate awarding the Notes at private sale~ such interest to be payable at
<br /> .maturity with provision, if requested by the original purchaser, that, in the
<br /> event of default, the same shall bear interest at a rate not exceeding the
<br /> maximum interest rate of eight per' centum (8%) per annum until the principal sum
<br /> is paid; shall be dated their date oY issuance and shall mature one year from
<br /> such date; shall be subject to redemption by the City at any time prior to
<br /> .maturity; and shall be payable as to both principal and interest at the offices
<br /> of the Fiscal Officer of the City, or at banks or trust companies, as determined
<br />
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