14-95 Motorized Equip Bond $481,800

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PLACED ON 1~t READING ~ REFERRED to FINANCE COMMITTEE on 3/6/95. PLACED ON 2nd READING on 3/20/95. ORDINANCE NO. 14-95 'By:.Boscia, Flannery, George, Gibbons, Roth, Seelie, Smith AN EMERGENCY ORDINANCE .to provide for $482,800 Motorized Equipment Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of acquiring motorized vehicles for various departments of the City. 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 bf the hereinafter mentioned bonds'is five (5) years and that the maximum maturity of notes issued'in anticipation of.said bonds is ten (10) years from the date of issuance of the original notes; and WHEREAS, this ordinance is-an emergency.measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City 'and for the further reason that the immediate'issuance and sale of the notes herein authorized is necessary to provide funds for the equipment urgently needed by the City; NOW, THEREFORE, BE ET 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 $481,800 for the purpose of acquiring motorized 'vehicles. for various departments, of the City. Section 2.~ Said bonds shall be dated approximately May 1, 1996, shall bear interest at th~ estimated rate of five per centum (5%) per annum, payable semi-annually, until the principal sum is paid, and.shall mature in such five (5) annual principal in- stallments after' their issuance that the total principal and interest payments in any year in' which principal is payable is substantially equal.. Section'3. It is hereby determined that notes (herein- after called the "Notes") in the principal amount of $48-t,800 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 maximum interest rate of ten per centuml (10%) per annum, as may be fixed, by the Fiscal Officer in his certificate awarding the Notes, such interest tO be payable at maturity, with provision, if requested by the purchase~, that, in the event of default, the same shall bear interest at a-rate not .exceeding the maximum interest rate of ten per centum (10%) per annum until the principal sum is Paid; shall be 'dated their date of issuance and shall mature on a date between nine months and one year from such./' date, as determined by the Fiscal Officer; shall not be subject to redemption by the City at any time prior to maturity; and shall be payable as to both principal and interest at. the office 'of the Fiscal Officer of the City, or at banks or trust companies, as determined by the Fiscal Officer, without deduction for exchange, collection or service charge. "Fiscal Officer" as used in this ordinance means the City's Director of Finance, Assistant Director of Finance, Acting Director of Finance or Director of Public Works. Section 4. .Pursuant to Section 133.30(B), Ohio Revised Code, the Fiscal Officer may combine the Notes with other notes into a single consolidated issue of notes for purposes of their sale as a single issue, to be designated "Various Purpose General Obligation Bond Anticipation Notes, Series 1995"; such notes shall contain a summary statement of purposes encompassing the purpose