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PLEASE SUBSTITUTB FOR ORDINANCE NO.
<br /> 26-95 PLACED ON 1st Reading 3/6/95.
<br />
<br />PLACED ON 2nd READING as amended on 3/20/95.
<br />
<br />ORDINANCE NO. 26-95
<br />
<br />By:Boscia, Flannery, George,
<br /> Gibbons, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of not
<br />to exceed $1,071,000 bonds of the City of Lakewood, Ohio for the
<br />purpose of improving certain designated streets in the City of
<br />Lakewood, Ohio, by removal, where necessary, of the existing
<br />surface course, by grading and replacement, where necessary, of the
<br />base, and by resurfacing with asphaltic concrete, including the
<br />necessary replacement and resetting of castings together with the
<br />necessary appurtenances thereto, and the installation of traffic
<br />signalization devices.
<br />
<br /> WHEREAS, this Council has determined it to be necessary
<br />to issue the bonds herein authorized to provide funds to retire
<br />outstanding bond anticipation notes maturing on May 10, 1995; and
<br />
<br /> WHEREAS, the Fiscal Officer has certified to the maximum
<br />maturity of the bonds proposed to be issued; and
<br />
<br /> WHEREAS, this Ordinance is an emergency measure which is
<br />necessary for the immediate preservation of the public peace,
<br />property, health, safety and welfare in the City and for the
<br />further reason that the immediate issuance and sale of the bonds
<br />herein authorized is necessary to obtain favorable terms of the
<br />bonds in a fluctuating bond market;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> SECTION 1. It is hereby declared necessary to issue
<br />bonds (hereinafter called the "Bonds") of the City of Lakewood in
<br />the principal sum of not to exceed $1,071,000 for the purpose of
<br />improving certain designated streets in the City of Lakewood, Ohio,
<br />by removal, where necessary, of the existing surface course, by
<br />grading and replacement, where necessary, of the base, and by
<br />resurfacing with asphaltic concrete, including the necessary
<br />replacement and resetting of castings together with the necessary
<br />appurtenances thereto, and the installation of traffic
<br />signalization devices.
<br />
<br /> SECTION 2. The Bonds shall be issued in one lot and
<br />notes have been issued in anticipation of the Bonds. The Bonds may
<br />be issued in the denomination of $100 or any integral multiple of
<br />$100, but in no case as to a particular maturity date exceeding the
<br />principal amount maturing on that date. The Bonds shall be dated
<br />April 15, 1995.
<br />
<br /> The Bonds shall bear interest at the rate or rates of
<br />interest (computed on a 360-day per year basis) as specified in a
<br />certificate of award which shall be signed by the Fiscal Officer
<br />and provide for the award of the Bonds in accordance with Section
<br />5 of this ordinance (the "Certificate of Award"). Interest on the
<br />Bonds shall be payable on June 1 and December 1 of each year (the
<br />Interest Payment Dates), commencing December 1, 1995, until the
<br />principal amount has been paid or provided for. The Bonds of any
<br />one maturity shall bear the same rate of interest. A particular
<br />Bond shall bear interest from the most recent date to which
<br />interest has been paid or provided for or, if no interest has been
<br />paid or provided for, from their date. "Fiscal Officer" as used in
<br />this Ordinance means the City's Director of Finance, Assistant
<br />Director of Finance, ACting Director of Finance or Director of
<br />Public Works.
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<br /> SECTION 3. The Bonds shall bear interest (computed on a
<br />360-day per year basis) at the rate or rates specified in the
<br />Certificate of Award, provided that the maximum average interest
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