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pLACED ON FIRST READING & REFERRED
<br />TO FINANCE COMMITTE 4/5/93.
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<br />ORDINANCE NO. '1 7 - 9 3
<br />
<br />By: Boscia, Gallagher, George,
<br /> Gibbons, Roth, Seelie
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $150,000 Sidewalk
<br />Improvment Bond Anticipation Notes, Series 1993A of the City of Lakewood,
<br />Ohio, in anticipation of the issuance of bonds for the Purpose of paying
<br />the property owners' portion', in anticipation of the levy and collection
<br />of special assessments, of the cost of constructing and reconstructing
<br />sidewalks and any necessary appurtenances thereto.
<br />
<br /> WHEREAS, the Fiscal Officer has certified to this Council that
<br />the estimated life of the improvements to be constructed hereinafter
<br />mentioned is at least five (5) years and has further certified the maximum
<br />maturity of the hereinafter mentioned bonds is five (5) years and that the
<br />maximum maturity of notes issued in anticipation of said bonds is
<br />December 31, 1998; and
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<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 for the improvements urgently needed to reduce hazards to
<br />pedestrian traffic;
<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 $150,000 for the purpose
<br />of paying the property owners' portion, in anticipation of the levy and
<br />collection of special assessments, of the cost of constructing and
<br />reconstructing sidewalks and any necessary appurtenances thereto.
<br />
<br /> Section 2. Said bonds shall[ be dated approximately May 1,
<br />1994, 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.
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<br /> Section 3. It is hereby determined that notes (hereinafter
<br />called the "Notes") in the principal amount of $150,000 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 Fiscal Officer in his certificate awarding the Notes, such interest
<br />to be payable at maturity, withprovision, 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 />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
<br />principal and interest at the office of the Fiscal Officer of the City, or
<br />at banks or trust companies, as determined by the Fiscal Officer, without
<br />deduction for exchange, collection or service charge. "Fiscal Officer" as
<br />used in this ordinance means the City's Director of Finance, Assistant
<br />Director of Finance, Acting Director of Finance or Director of Public
<br />Works.
<br />
<br /> Section 4. Pursuant to Section 133.30(B), Ohio Revised Code,
<br />the Fiscal Officer may combine the Notes with other notes into a single
<br />consolidated issue of notes for purposes of their sale as a single issue,
<br />to be designated "Various Purpose General Obligation Bond Anticipation
<br />Notes, Series 1993A"; such notes shall contain a summary statement of
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