24-93 Lake House Breakwall Bond $400,000

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PLACED ON FIRST READING & REFERRED TO FINANCE COMMITTEE ON 4/5/93. ORDINANCE. NO. 24-93 By: Boscia, George, Gibbons, Roth, Seelie AN EMERGENCY ORDINANCE to provide for $400,000 Lake House Breakwall Bond Anticipation Notes - 1993 Renewal of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of payin§ the property owners' portion, in anticipation of the levy and collection of special assessments, of the cost of improvtn§ an easement of the City of Lakewood by constructing thereon a breakwall with concrete modules, fill and end return. WHEREAS, pursuant to Ordinance No. 54-92 passed June 1, 1992, the Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in the principal amount of $400,000 for the purpose hereinafter stated, which notes are dated June 26, 1992 and will mature on June 25, 1993; and WHEREAS, the Council of the City has determined that the outstanding principal amount of said notes shall be funded by the issuance of new notes in anticipation of the issuance of bonds for the purpose hereinafter stated; and WHEREAS, the Fiscal Officer has certified to this Council that the estimated life of the improvements hereinafter mentioned is at least five (5) years and has further certified the maximum maturity of the hereinafter mentioned bonds is twenty (20) years and that the maximum maturity of notes issued in anticipation of said bonds is December 31, 1997; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare tn the City and for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to provide funds to retire the outstanding notes which are about to mature and thereby protect the credit of the City: NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $400,000 for the purpose of paying the property owners' portion, in anticipation of the levy and collection of special assessments, of the cost of improving an approximately twenty (20) foot wide easement with its northern boundary located approximately twenty (20) feet north of the currently existing southerly shore of Lake Erie in an area now submerged lands but formerly a part of the lots on the northerly side of Edgewater Drive from the easterly line of property now or formerly owned by the Unit Owners of the Lake House Condominium as tenants in common, and assigned as its address 11850 Edgewater Drive, westerly approximately 330 feet to the westerly line of said property, as set forth in Resolution No. 6637-91 passed on September 16, 1991, by constructing thereon a breakwall with concrete modules, fill and end return. Section 2. Said bonds shall be dated approximately September 1, 1993, shall bear interest at the estimated rate of six and one-half per centum (6-1/2%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in such twenty (20) annual principal installments after their issuance that the total principal and interest payments in any year in which principal is payable is substantially equal. Section %. It is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $400,000 shall be issued in anticipation of the issuance of said bonds for the above-described purpose. The Notes shall bear interest at a rate not exceeding the