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PLACED ON FIRST READING & REFERRED TO
<br />FINANCE CMTE 4/5/93.
<br />
<br />ORDINANCE NO. 10 - 9 3 By:
<br />
<br />Boscia, Gallagher, George,
<br />Gibbons, Roth, Seelie
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $370,000 Motorized
<br />Equipment Bond Anticipation Notes, Series 1991 - 1993 Renewal of the City
<br />of Lakewood, Ohio, in anticipation of the issuance of bonds for the
<br />purpose of acquiring motorized equipment and necessary appurtenances
<br />thereto for various departments of the City.
<br />
<br /> WHEREAS, pursuant to Ordinanc~ No. 15-91 passed March 18,
<br />1991, the Council of the City authorized the issuance of notes in
<br />anticipation of the issuance of bonds in the principal amount of $415,000
<br />for the purpose hereinafter stated, which notes were dated May 2, 1991 and
<br />matured May 1, 1992, which notes were retired at maturity with the
<br />proceeds of notes issued in anticipation of the issuance of bonds in the
<br />principal amount of $415,000 for the purpose hereinafter stated which
<br />notes were dated May 1, 1992 and matured June 26, 1992, which notes were
<br />retired with funds of the City in the amount of $45,000 and with the
<br />proceeds of notes in the principal amount of $370,000, which notes are
<br />dated June 26, 1992 and will mature on June 25, 1993; and
<br />
<br /> WHEREAS, the Council of the CiTy has determined that the
<br />outstanding principal amount of said notes shall be funded by the issuance
<br />of new notes in anticipation of the issuance of bonds for the purpose
<br />hereinafter stated; and
<br />
<br /> WHEREAS, the Fiscal Officer has certified to this Council that
<br />the estimated life of the improvements hereinafter mentioned is at least
<br />five (5) years and has further certified the maximum maturity of the
<br />hereinafter mentioned bonds is five (5) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is ten (10) years
<br />from the date of issuance of the original notes; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which is
<br />necessary for the immediate preservation of the public peace, property,
<br />health, safety and welfare in the City and for the further reason that the
<br />immediate issuance and sale of the notes herein authorized is necessary to
<br />provide funds to retire the outstanding notes which are about to mature
<br />and thereby protect the credit of the Cityg
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal amount of $370,000 for the purpose
<br />of acquiring motorized equipment and necessary appurtenances thereto for
<br />various departments of the City.
<br />
<br /> Section 2. Said bonds shall be dated approximately May 1,
<br />199~, shall bear interest at the estimated rate of five per centum (5%)
<br />per annum, payable semi-annually, until the principal sum is paid, and
<br />shall mature in such five (5) annual principal installments after their
<br />issuance that the total principal and interest payments in any year in
<br />which principal is payable is substantially equal.
<br />
<br /> Section 3. It is hereby detez~ined that notes (hereinafter
<br />called the "Notes") in the principal amount of $370,000 shall be issued in
<br />anticipation of the issuance of said bonds for the above-described
<br />purpose. The Notes shall bear interest at a rate not exceeding the
<br />maximum interest rate of ten per centum (10%) per annum, as may be fixed
<br />by the FiscalOfficer in his certificate awarding the Notes, such interest
<br />to be payable at maturity, with provision, if requested by the purchaser,
<br />that, in the event of default, the same shall bear interest at a rate not
<br />exceeding the maximum interest rate of ten per centum (10%) per annum
<br />until the principal sum is paid; shall be dated their date of issuance and
<br />shall mature on a date between nine months and one year from such date, as
<br />
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