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ORDINANCE NOo 83-91 By:
<br />
<br />Boscia, Gallagher, Gazzana,
<br />George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $171,500 Off-Street Parking
<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 acquiring, clearing
<br />and improving real estate for off-street parking of motor vehicles.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 77-87 passed September 8, 1987,
<br />this Council authorized the issuance of notes in anticipation of the issuance of
<br />bonds in the principal amount of $330,000 for the purpose hereinafter stated,
<br />which notes were dated December 15, 1987, and matured on December 15, 1988, which
<br />notes were renewed by notes in the principal amount of $330,000 authorized by
<br />Ordinance No. 87-88 passed November 7, 1988, which notes were dated December 15,
<br />1988 and matured on December 15, 1989, which notes were retired with funds of the
<br />City in'the amount of $30,000 and with the proceeds of notes in the principal
<br />amount of $300,000, which notes were dated December 15, 1989 and matured on
<br />October 12, 1990, which notes were retired with funds of the City in the amount
<br />of $66,000 and with the proceeds of notes in the principal amount of $234,000,
<br />which notes are dated October 12, 1990 and will mature on October 11, 1991; and
<br />
<br /> WHEREAS, the Council of the City has determined that the amount of
<br />$62,500 is now available to apply against the principal of said notes and that
<br />after the application of said $62,500 to the payment thereof, the remaining
<br />outstanding principal amount of said notes (to wit, $171,500) shall be funded by
<br />the issuance of new notes in anticipation of the issuance of bonds for the
<br />purpose hereinafter stated; and
<br />
<br /> WHEREAS, the Fiscal officer (as hereinbelow 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 at least ten (10) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is fifteen (15) 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 0f 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 $171,500 for the purpose of
<br />.acquiring, clearing and improving real estate for off-street parking of motor
<br />vehicles.
<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 ten
<br />(10) 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 $171,500 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 event 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 11, 1991 and shall mature October 9; 1992; shall not be subject to
<br />redemption by the City at any time prior to maturity; and shall be payable as to
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