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Placed on 1st Reading & Referred
<br />to Finance Committee 9/7/93.
<br />
<br />ORDINANCE NO. 43-93
<br />
<br />By: Boscia, Gallagher, George,
<br /> Gibbons, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $47,000 Park Improvement. Bond
<br />Anticipation Notes - 1993 Renewal of the City of Lakewood, Ohio, in anticipation
<br />of the issuance of bonds for the purpose of acquiring and improving real estate
<br />for a municipal park.
<br /> WHEREAS, pursuant to Ordinance No. 78-87 passed September 8, 1987,
<br />this Council authorized the issuance of notes in anticipation of the issuance of
<br />bonds in the principal amount of $120,000 for the purpose hereinafter stated,
<br />which notes were dated December 15, 1987, and matured on December 15, 1988, which
<br />notes were renewed by notes in the principal amount of $100,000 authorized by
<br />Ordinance No. 86-88 passed November 7, 1988, which notes were dated December 15,
<br />1988 and matured on December 15, 1989, which noteswere retired with funds of the
<br />City in the amount of $25,000 and with the proceeds of notes in the principal
<br />amount of $75,000, which notes were .dated December 15, 1989 and matured on
<br />October 12, 1990, which notes were retired with funds of the City in the amount
<br />of $25,000 and with the proceeds of notes in the principal amount of $50,000,
<br />which notes were dated October 12, 1990 and matured on October 11, 1991, which
<br />notes were retired with funds of the City in the amount of $3,000 and with the
<br />proceeds of notes in the principal amount of $47,000, which notes were dated
<br />October 11, 1991 and matured on October 9, 1992, which notes were retired with
<br />the proceeds of notes in the principal amount of $47,000, which notes are dated
<br />October 9, 1992 and will mature on October 8, 1993; and
<br />
<br /> WHEREAS, the Council of the Gity has determined that the outstanding
<br />principal amount 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, the Fiscal Officer (as hereinbelow defined) has certified
<br />to this Council that the estimated life of the improvement hereinafter mentioned
<br />is at least five (5) years and has further certified the maximum maturity of the
<br />hereinafter mentioned bonds is at least ten (10) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is fifteen (15) years from
<br />the date of issuance of the original notes; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which is necessary
<br />for the immediate preservation of the publicpeace, 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 provtdefunds 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 /> ~. It is hereby declared necessary to issue bonds of the
<br />City of Lakewood in the principal amount of $47,000 for the purpose of acquiring
<br />and improving real. estate for a municipal park.
<br />
<br /> Section 2. Said bonds shall be dated approximatelY October 1, 1994,
<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 ten
<br />(10) 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 $47,000 shall be issued in anticipation
<br />of the issuance of said bonds for the above-described purpose. The Notes shall
<br />bear interest at such 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 at private sale, such interest to be payable at maturity with
<br />provision, if requested by the original purchaser, that, tn the event of default,
<br />the same shall bear interest at a rate not exceeding the maximum interest rate
<br />of eight per centum (8%) per annum until the principal sum is paid; shall be
<br />dated their date of issuance and shall mature on a date between nine months and
<br />
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