25-95 Bonds for Roadways, Sewers, Watermains & Sidewalks

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PLEASE SUBSTITUTE FOR ORDINANCE NO. 25-95 PLACED ON 1st Reading 3/6/95. PLACED ON 2nd RBADING as amended on 3/20/95. ORDINANCE NO. 25-95 By: Boscia, Flannery, George, Gibbons, Roth, Seelie, Smith AN EMERGENCY ORDINANCE to provide for the issuance of not to exceed $2,260,000 bonds of the City of Lakewood, Ohio for the purpose of constructing roadways and installing water mains, sanitary and storm sewers and sidewalks and all necessary appurtenances thereto, improving sites for off-street parking of motor vehicles and a park and acquiring real estate therefor. WHEREAS, this Council has determined it to be necessary to issue the bonds herein authorized to provide funds to retire outstanding bond anticipation notes maturing on or before October 6, 1995; and WHEREAS, the Fiscal Officer has certified to the maximum maturity of the bonds proposed to be issued; 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 bonds herein authorized is necessary to obtain favorable terms of the bonds in a fluctuating bond market; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: SECTION 1. It is hereby declared necessary to issue bonds (hereinafter called the "Bonds") of the City of Lakewood in the principal sum of not to exceed $2,260,000 for the purpose of constructing roadways and installing water mains, sanitary and storm sewers and sidewalks and all necessary appurtenances thereto, improving sites for off-street parking of motor vehicles and a park and acquiring real estate therefor. SECTION 2. The Bonds shall be issued in one lot and notes have been issued in anticipation of the Bonds. The Bonds may be issued in the denomination of $100 or any integral multiple of $100, but in no case as to a particular maturity date exceeding the principal amount maturing on that date. The Bonds shall be dated April 15, 1995. The Bonds shall bear interest at the rate or rates of interest (computed on a 360-day per year basis) as specified in a certificate of award which shall be signed by the Fiscal Officer and provide for the award of the Bonds in accordance with Section 5 of this ordinance (the "Certificate of Award"). Interest on the Bonds shall be payable on June 1 and December 1 of each year (the Interest Payment Dates), commencing December 1, 1995, until the principal amount has been paid or provided for. The Bonds of any one maturity shall bear the same rate of interest. A particular Bond shall bear interest from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from their date. "'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 3. The Bonds shall bear interest (computed on a 360-day per year basis) at the rate or rates specified in the Certificate of Award, provided that the maximum average interest rate on the Bonds shall not exceed twelve percent (12%) per annum. The Bonds shall mature serially on December 1 in each of the years 1996 through 2015, inclusive, in such principal amounts as may be fixed by the Fiscal Officer in the Certificate of Award, provided,