|
ORDINANCE NO. ? 8 -91
<br />
<br />By:Boscia, Gallagher, Gazzana,
<br /> George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $295,000 1987 Sewer Improvement
<br />Bond Anticipation Notes - 1991 Renewal of the City of Lakewood, Ohio, in
<br />anticipation of. the issuance of bonds for the purpose of constructing and
<br />renovating se~er lines and any necessary appurtenances thereto.
<br />
<br /> -WHEREAS~, pursuant to Ordinance No. 76-87 passed September 8, 1988,
<br />this Council authorized the issuance of notes in anticipation of theissuance of
<br />bonds.in the principal amount of $800,000 for the purpose hereinafter stated,
<br />which notes were dated October 16, 1987, and matUred on October 14, 1988, which
<br />notes were retired with funds of the City in the amount of $160,000 and with the
<br />proceeds of notes in the principal amount of $640,000, which notes were dated
<br />October 14, 1988 and matured on October 13, 1989, which notes were retired with
<br />funds of the City in the amount of $160,000 and with the proceeds of notes in the
<br />principal amount of $480,000, which notes were dated October 13, 1989 and matured
<br />on October 12, 1990, which notes were retired with funds of the City in the
<br />amount of $160,000 and with the proceeds of notes in the principal amount of
<br />$320,000, which notes are dated October 12, 1990 and will mature on October 11,
<br />1991; and
<br />
<br /> WHEREAS, the Council of the City has determined that the amount of
<br />$25,000 is now available to apply against the principal of said notes and that
<br />after the application of said $25,000 to the payment thereof, the remaining
<br />outstanding principal amount of said notes (to wit $295,000) shall be funded by
<br />the issuance of new notes in anticipation of the issuance of bonds for the
<br />purpose hereinafter.~tated; and
<br />
<br /> WHEREAS, the Fiscal Officer (as hereinabove defined) 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 forty (40) years and that the maximum maturity of
<br />notes issued in anticipation of said bonds is twenty (20) years from the date of
<br />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 $295,000 for the purpose of
<br />constructing and renovating sewer lines and any necessary appurtenances thereto.
<br />
<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 />thirty (30) annual installments after their issuance.
<br />
<br /> Section 3L It is hereby determined that notes (hereinafter called
<br />the "Notes") in the principal amount of $295,000 shall be issued in anticipation
<br />of the issuance Of said bonds for the above-described purpose° The Notes shall
<br />bear interest at such rate not exceeding the maximum interest rate of eight per
<br />centum (8%) per annum, as may be fixed by the Fiscal Officer in his certificate
<br />awarding the Notes at private sale, such interest to be payable at maturity with
<br />provision, if requested by the original purchaser, that~ in the ~vent of default,
<br />the same shall bear interest at a rate not exceeding the maximum interest rate
<br />of eight per centum (8%) per annum until the principal sum is paid; shall be
<br />dated October 119 1991 and shall mature October 9, !992; 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 offices of the Fiscal Officer of the City, or
<br />
<br />
<br />
|