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<br />'~~ <br /> <br />PLEASE SUBSTITUTE FOR ORDINANCE NO. <br />21-95 PLACED ON 1st Reading 3/6/95. <br />PLACED ON 2nd READING as amended on 3/20/95. <br /> <br />ORDINANCE NO. <br /> <br />27-95 <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 $131,000 bonds of the City of Lakewood, Ohio for the <br />purpose of installing traffic 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 Lakewooq, <br />Cuyahoga County, Ohio: <br /> <br />SECTION 1. It is hereby declared necessary to issue <br />bonds (hereinafter called the "Bonds II) of the City of Lakewood in <br />the principal sum not to exceed $131,000 for the purpose of <br />installing traffic 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 apartic~lar 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 />certifiçate 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 flCertificate of Awardll~. Interest on the <br />Bonds shall be payable on June 1 and Decembe+ 1 of each year (the <br />Interest Payment Dates), commencing becember 1, 1995, until the <br />principal amouht 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. JlFiscal 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 <br /> <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 <br />rate on the Bonds shall not exceed twelve percent (12%) per annum. <br />The Bonds shall mature serially on December 1 in each of the years <br />1996 through 2010, inclusive, in such principal amounts as may be <br />fixed by the Fiscal Officer in the Certificate of Award, provided, <br />that the Bonds stated to mature in any year may be issued as term <br />bonds (the IITerm Bonds II) payable pursuant to Mandatory Sinking Fund <br />Redemption Requirements as hereinafter defined and further <br />described be-low. The Fiscal Officer shall determine in the <br />Certificate of Award whether any of the Bonds shall be issued as <br />Term Bonds and any dates (the t1Mandatory Redemption Dates") on <br />which the principal amount stated above shall be payable pursuant <br />