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<br />',,<_J <br /> <br />PLEASE SUBSTITUTE FOR ORDINANCE NO. <br />41-95 PLACED ON 1st Reading 3/6/95. <br />PLACED ON 2nd READING as amended on 3/20/95. <br /> <br />ORDINANCE NO 41-95 <br />Gibbons, Roth, Seelie, Smith <br /> <br />By: Boscia, Flannery, George, <br /> <br />AN EMERGENCY ORDINANCE to provide for the issuance of <br />$10,000 bonds of the City of Lakewood, Ohio for the purpose of <br />acquiring and installing computer equipment <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 reasoh 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 "Bondsll) of the City of Lakewood in <br />the principal sum of $10,000 for the purpose of acquiring and <br />installing computer equipment <br /> <br />SECTION 2. The Bonds shall be" issued in one lot ahd <br />notes have not been issued in anticipation of the Bonds. The Bonds <br />may be issued ih the denomination of $100 or any integral multiple <br />of $100, but in ho 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 IICertificate of Awardn). 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 b~en paid or provided for or, if no ,interest has been <br />paid or provided for, from their date. "Fiscal Officer II 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 int~rest (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 2005, 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 nTerm Bonds 11 ) 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 />stated maturity (the IIMandatory Sinking Fund Redemption <br />Requirements n) The aggregate principal of and interest on the <br />