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PLACED ON FIRST READING & REFERRED
<br />TO FINANCE COMMITTEE 4/5/93.
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<br />ORDINANCE NO. 2 2 - 9 3
<br />
<br />· By: Boscia, Gallagher, George,
<br /> Gibbons, Roth, Seelie
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $1,000,000 Water Line
<br />Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of making
<br />improvements to, and acquiring certain machinery and equipment for the
<br />City's'water system and any ancillary systems thereto.
<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 forty (40) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is twenty (20)
<br />years from the date of issuance of the original notes; and
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<br /> WHEREAS, this ordinance is an emergency measure' which is
<br />necessary for the immediate preservation of the publicpeace, 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 necessaryto
<br />provide funds for the improvements urgently needed to provide potable
<br />water to the inhabitants of the Git-y;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga County, Ohio:
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<br /> Section 1. It is hereby declared necessary to issue bonds of
<br />the City ofLakewood in the principal amount of $1,000,000 for the purpose
<br />of making improvements to, and acquiring certain machinery and equipment
<br />for the City's water system and any ancillary systems thereto.
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<br /> Section 2. Said bonds shall be dated approximately May 1,
<br /> 1994, shall bear interest at the estimated rate of eight per centum (8%)
<br /> per annum, payabl~ semi-annually, until the principal sum is paid, and
<br /> shall mature in such forty (40) 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 $1,000,000 shall be issued
<br />in 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, 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 d~Lted their date of issuance and
<br />shall mature ona 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.
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<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 s%Lmmary statement of
<br />purposes encompassing the purpose for which the Notes are issued; shall
<br />state that they are issued pursuant to this ordinance; shall be issued in
<br />such numbers and denominations as may be requested by the original
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