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<br />PLACED ON FIRST "EADING & REFERRED TO
<br />FINANCE COMMITT~' ON 5/4/92.
<br />rkACED QNSECOND READING ON 5/18/92
<br />
<br />ORDINANCE NO.
<br />
<br />41·92
<br />
<br />By:
<br />
<br />Bòscia, Gallagher, Gibbons,
<br />Roth, Seelie, Smith
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $174,.0.00 bonds
<br />of the City of Lakewood, Ohio for the purpose of improving parks by improving,
<br />furnishing and equipping sites therefor, installing lights and constructing rest
<br />room facilities
<br />
<br />WHEREAS, this Council has determined it to be necessary to issue the
<br />bonds herein authorized to provide funds to retire outstanding bond anticipation
<br />notes maturing on June 26, 1992; and
<br />
<br />WHEREAS, the Fiscal Officer has certified to the maximum maturity of
<br />the bonds proposed to be issued; and
<br />
<br />WHEREAS, this Ordinance is an emergency measure which is necessary
<br />for thè immediate preservation of the public peace, property, health, safety and
<br />welfare in the City and for tµe further reason that the Immediate issuance and
<br />sale of the bonds herein authorized is necessary to obtain favorable terms of the
<br />bonds in a fluctuating bond market;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of
<br />Lakewood, Cuyahoga County, Ohio:
<br />
<br />SECTION 1. It is hereby declared necessary to issue bonds
<br />(hereinafter called the "Bonds") of the City of Lakewood in the principal sum of
<br />$174,000 for the purpose of improving parks by improving, furnishing and
<br />equipping sites therefor, installing lights and constructing rest room
<br />facilities
<br />
<br />SECTION 2. The Bonds shall be issued in one lot and notes have been
<br />issued in ant-icipation of the Bonds. The Bonds may be issued in the denomination
<br />of $50 ,or any integral multiple of $50, but in no caSe as to a particular
<br />maturity da~e exceeding the principal amount maturing on that date, The Bonds
<br />initially issued shall be dated as of June 15,1992, and the Bonds subsequently
<br />issued shall be dated as of the date of authentication by the Registrar (as
<br />hereinafter defined),
<br />
<br />The Bonds shall bear interest at the rate or rates of interest
<br />(compute4 on a 360·day per year basis) as specified in a certificate of award
<br />which shall be signed by the Fiscal Officer and provide for the award of the
<br />Bonds in accordance with Section sof this ordinance (the "Certificate of
<br />Award"). Interest on the Bonds shall be payable on June 1 and December 1 of each
<br />year (the Interest Payment Dates), conunencing December 1, 1992, until the
<br />principal amount has been paid or provided for. The Bonds of anyone maturity
<br />shall bear the same rate öf interest, A particular Bond shall bear interest ,from
<br />the Interest Payment Date next preceding its date or, if dated as of an Interest
<br />Payment Date, from that Interest Payment Date, except that (i) if dated prior to
<br />December 1, 1992 then from June IS, 1992, and (1i) a Bond dated between a Record
<br />Date and the Interest Payment Date to which that Record Date pertains shall bear
<br />interèst from that Interest Payment Date. "Fiscal Officer"as used in this
<br />Ordinance means the City's Director of Finance, Assistant Director of Finance,
<br />Acting Director of Finance or Director of Public Works,
<br />
<br />SECTION 3 The Bonds shall bear interest (computed ana 360-day per
<br />year basis) at rate or rates not to exceed nine per centum (9%) per annum for any
<br />stated maturity. The Bonds shall mature serially on December 1 on each of the
<br />years 1993 through 2002, inclusive, in such principal amounts as may be fixed by
<br />the Fiscal Officer in the Certificate of Award.
<br />
<br />SECTION 4. Pursuant to Section 133.30(B), Ohio Revised Code, the
<br />Fiscal Officer may combine the Bonds with other bonds into a single consolidated
<br />issue of bonds for purposes of their sale as a single issue to be designated
<br />"Various PUrpose General Obligation Bonds, Series 1992". Such bonds shall
<br />contain a, summary statement of purposes encompassing the purpose for which the
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