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PLACED ON FIRST READING & REFERRED TO FINANCE CMTE 5/18/9~
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<br />ORDINANCE NO.
<br />
<br />55-92
<br />
<br />By: Boscia, Gallagher, George,
<br /> Gibbons, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $370,000
<br />Motorized Equipment Bond Anticipation Notes of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of acquiring motorized
<br />equipment and necessary appurtenances thereto for various departments of the
<br />City.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 15-91 passed March 18, 1991, the
<br />Council of the City authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $415,000 for the purpose hereinafter
<br />stated, which notes were dated May 2, 1991 and matured May 1, 1992, which notes
<br />were retired at maturity with the proceeds of notes issued in anticipation of the
<br />issuance of bonds in the principal amount of $415,000 for the purpose hereinafter
<br />stated~ which notes are dated May 1, 1992 and will mature June 26, 1992; and
<br />
<br /> WHEREAS, the Council of the City has determined that $45,000 is now
<br />available to apply against the principal of said notes and that after the
<br />application of said $45,000 to the payment thereof, the remaining outstanding
<br />principal of said notes (to wit, $370,000) shall be funded by the issuance of new
<br />notes in anticipation of the issuance of bonds for the purpose hereinafter
<br />stated; and
<br />
<br /> WHEREAS, the Fiscal Officer has certified to this Council that the
<br />es'timated life of the improvements hereinafter mentioned is at least five (5)
<br />years and has further certified the maximu~mmaturity of the hereinafter mentioned
<br />bonds is five (5) years and that themaxtmummaturity of notes issued in antici-
<br />pation of said bonds is ten (10) years from the date of issuance of the original
<br />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 enable the City to retire the
<br />outstanding notes at maturity and thereby preserve the City's credit;
<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 $370,000 for the purpose of acquiring
<br />motorized equipment and necessary appurtenances thereto for various departments
<br />of the City.
<br />
<br /> 'Section 2. Said bonds shall be dated approximately June 1, 1993,
<br />shall bear interest at the estimated rate of six per centum (6%) per annum,
<br />payable semi-annually, until the principal sum is paid, and shall mature in
<br />five (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 $370,000 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 June 26, 1992 and
<br />shall mature June 25, 1993; shall not be subject to redemption by the City at any
<br />time prior to maturity; and shall be payable as to both principal and interest
<br />at the office of the Fiscal Officer of the City, or at banks or trust companies,
<br />as determined by the Fiscal Officer, without deduction for exchange, collection
<br />or service charge. "Fiscal Officer" as used in this ordinance means the City's
<br />Director of Finance, Assistant Director of Finance, Acting Director of Finance
<br />or Director of Public Works.
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