36-95 PW Facilities Improvement Bonds $198,000

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\,~ - PLEASE SUBSTITUTE FOR ORDINANCE NO. 36-95 PLACED ON 1st Reading 3/6/95. PLACED ON 2nd READING as amended on 3/20/95. ORDINANCE NO, 36-95 By: Boscia, Flannery, George, Gibbons, Roth, Seelie, Smith AN EMERGENCY ORDINANCE to provide for the issuance of not to exceed $198,000 bonds of the City of Lakewood, Ohio for the purpose of improving facilities of the Department of Public Works. 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, THERE~ORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga CountYr Ohio: SECTION 1. It is hereby declared necessary to issue bonds (hereinafter called the "Bondsn) of the City of Lakewood in the principal sum of not to exceed $198,000 for the purpose of improving facilities 9f the Department of Public Works. SECTION 2. The Bonds shall be issued in one lot and notes have not 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 Apri¡ 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 Awardl1). Interest on the Bonds shall be payable on June 1 and December 1 of each year (the Interest Payment Dates), commencing December I, 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 orr if no înteresthas been paid or provided for, from their date. IIFiscal Officerh as used in this Ordinance means the City's Director of Financer 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, that the Bonds stated to mature in any year may be issued as term bonds (the IITerm Bondsll) payable pursuant to Mandatory Sinking Fund Redemption Requirements as hereinafter defined and further described below. The Fiscal Officer shall determine in the Certificate of Award whether any of the Bonds shall be issued as Term Bonds and any dates (the IIMandatory Redemption Dates n) on which the principal amount stated above shall be payable pursuant to Mandatory Sinking Fund Redemption Requirements rather than at stated maturity (the UMandatory Sinking Fund Redemption Requirements") . The aggregate principal of and interest on the