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PLEASE SUBSTITUTE FOR ORDINANCE NO. <br /> 35-95 PLACED ON 1st Reading 3/6/95. <br /> <br />PLACED ON 2nd READING as amended on 3/20/95. <br /> <br />ORDINANCE NO. 35-95 <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 $82,000 bonds of the City of Lakewood, Ohio for the <br />purpose of constructing, reconstructing and rehabilitating <br />sidewalks on certain designated streets. <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 $82,000 for the purpose of <br />constructing, reconstructing and rehabilitating sidewalks on <br />certain designated streets. <br /> <br /> SECTION 2. The Bonds shall be issued in one lot and <br />notes have not been issued in anticipation of the Bonds. The Bonds <br />may be issued in the denomination of $100 or any integral multiple <br />of $100, but in no case as to a particular maturity date exceeding <br />the principal amount maturing on that date. The Bonds shall be <br />dated 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. <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 2015, 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 "Term Bonds") payable pursuant to Mandatory Sinking Fund <br /> Redemption Requirements as hereinafter defined and further <br /> described below. 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 "Mandatory Redemption Dates") on <br /> which the principal amount stated above shall be payable pursuant <br /> to Mandatory Sinking Fund Redemption Requirements rather than at <br /> <br /> <br />