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<br />P1ac~d on 1st Reading & Referred
<br />to Finance Committee 9/7/93.
<br />
<br />ORDINANCE !'10' 44-93
<br />
<br />By: Boscia, Gal1a,gher, George,
<br />Gibbons, Roth, Seelie, Smith
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $426,000 1991
<br />Motorized Equipment Bond Anticipation Notes - 1993 Renewal of the City of
<br />Lakewood, Ohio, in anticipation óf the issuance of. bonds for the purpose of
<br />purchasing motorized equipment and appurtenances thereto for various departments
<br />of the City.
<br />
<br />WHEREAS, the Fiscal Officer (as hereinbelow defined) has certified
<br />to'this Council that the estimated life of the improvements hereinafter mentioned
<br />is at least five (5) years and has further certified the maximum maturity of the
<br />hereinafter mentióned bonds is five (5) years and that the maximum maturity of
<br />notes issued in anticipation of said bonds is ten (10) years from the date of
<br />issuance of the original notes; and
<br />
<br />WHEREAS, pursuant to Ordinance No. 75-91 passed September 3, 1991,
<br />the Council of the City authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $426,000 for the purpose hereinafter
<br />stated, which notes were dated October 11, 1991 and matured on October 9, 1992,
<br />which notes were retired with the proceeds of notes in the prinGipal amount of
<br />$426,000 which notes are dated October 9, 1992 and will mature on October 8,
<br />1993; and
<br />
<br />WHEREAS, the Council of the City has determined that the outstanding
<br />principal 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, this ordinance is an emergency measure which is necessary
<br />for the immediate preservation of the public peace, 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 provide funds 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 />Section 1. It is hereby declared necessary to issue bonds of the
<br />City of Lakewood in the principal amount of $426,000 for the purpose of
<br />purchasing motorized equipment and appurtenances thereto for various departments
<br />of the City.
<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 five
<br />(5) 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 $426,000 shall be i~sued in anticipation
<br />of the issuance of said bonds for the above-described purpose. The Notes shall
<br />bear interest at a 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 c~rtificate
<br />awarding the Notes, such interest to be payable at maturity, with provision, if
<br />requested by the purchaser, that, in the event of default, the same shall bear
<br />interest as a rate not exceeding the maximum interest rate of eight per centum
<br />(8%) per annum until the principal sum is paid; shall be dated their date of
<br />issuance; sñall mature on a date between nine (9) months and one year from such
<br />date, as 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 principal
<br />and interest at theoffic~ of the Fiscal Officer of the City, or at banks or
<br />trust companies, as determined by the Fiscal Officer, without deduction for
<br />exchartge, collection or service charge. "Fiscal Officer" as used in this
<br />ordirtance means the City's Director of Finance, AssiStant Director of Finance or
<br />Director öf Public Works.
<br />
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