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Placed on FIRST READING & REFERRED TO
<br />FINANCE CMTE on 9/8/92.
<br />
<br />ORDINANCE NO. 7 7 - 9 2 By:
<br />
<br />Boscia, Gallagher, Gibbons,
<br />Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $220,000 1989 Motorized
<br />Equipment Bond Anticipation Notes 1992 Second Renewal ofthe City of Lakewood,
<br />Ohio, in anticipation of the issuance Of bonds, for the purpose of purchasing
<br />motorized equipment
<br />
<br /> WHEREAS, the Fiscal Officer (as hereinbelow defined) has certified
<br />to this Council that the estimated life of the equipment hereinafter mentioned
<br />is at least five (5) years and has further certified the maximum maturity of the
<br />hereinafter mentioned bonds is five (5) years and that the maximum maturity of
<br />notes issued in anticipation of said bonds is ten (10) years from the date of
<br />issuance of the original notes; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 54-89 passed July 17, 1989, the
<br />Council of the City authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $280,500 for the purpose hereinafter
<br />stated, which notes were dated August 25, 1989 and matured on August 24, 1990,
<br />which notes were retired with the proceeds of notes in the principal amount
<br />$224,400 and with funds of the City in the amount of $56,100, which notes are
<br />dated August 24, 1990 and matured on August 23, 1991 which notes were retired
<br />with the proceeds of notes in the principal amount of $224,400 which notes were
<br />dated August 23,1991 and matured on August 21, 1992, which notes were retired
<br />with funds of the City in the amount of $4,400'and with the proceeds of notes in
<br />the principal amount of $220,000, which notes are dated July 31, 1992 and will
<br />mature on October 9, 1992; and
<br />
<br /> WHEREAS, the Council of'the City has determined that the outstanding
<br />principal of said notes shall be funded by the issuance of new notes in
<br />anticipation of the issuance of bonds for the purpose hereinafter stated; 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 $220,000 for the purpose of
<br />purchasing motorized equipment.
<br />
<br /> Section 2. Said bonds shall be dated approximately October 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 five
<br />(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 $220,000 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 eight per
<br />centum (8%) 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 eight per centum
<br />(8%) per annum until the principal sum is paid.; shall be dated their date of
<br />issuance; shall mature on a date between nine (9) months and one year from such
<br />date, as determined by the Fiscal Officer; shall not be subject to redemption by
<br />the City at any time prior to maturity; and shall be payable as to both principal
<br />and interest at the office of the Fiscal Officer of the City, or at banks or
<br />trust companies, as determined by the Fiscal Officer, without deduction for
<br />exchange, collection or service charge. "Fiscal Officer" as used in this
<br />
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