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<br />PLACEV ON 1~~ Reading & Re6vv.ed zO FINANCE
<br />COMMITTEE on 3/6/95.
<br />PLACED ON 2nd READING on 3/20/95.
<br />
<br />ORDINANCE NO
<br />
<br />42-95
<br />
<br />By~ Boscia, Flannery, George, Gihho:'s,
<br />Gibbons, Roth, Seelie, Smith
<br />
<br />AN EMERGENCY ORDINANCE to provide_ for $805IOOO Motorized
<br />Equipment Bond Anticipation Notes - 1995 Renewal of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for th~
<br />purpose of acquiring motorvehioles' and related equipment for use
<br />in carrying out functions of various departments of the City.
<br />
<br />WHEREAS, pursuant to Ordinance No. 50-94 passed April 18,
<br />1994, the Council of the City authorized the issuance o£ notes in
<br />anticipation of the issuance of bonds ,in. the principal amount of
<br />$980,000 for the purpose hereinaf-ter stated, which notes are dated
<br />May 12, 1994 and will mature on May ll, 1995¡ and
<br />
<br />WHEREAS, the Council of the City has determined that
<br />$175,000 is now available to apply ag?inst the principal of said
<br />notes and that after the applica'tion of said $175,000 to the
<br />pa~nent thereof, the remaining outstanding principal of said notes
<br />(to wit, $805,OOO} shall be funded by the issuance of new notes in
<br />anticipation of the issuance of bonds for the purpose hereinafter
<br />stated; and
<br />
<br />WHEREAS, the Fiscal Officer has certified to this Council
<br />that the estimated life of the improvements hereinafter mentioned
<br />is at least five (5) years and has further certified the maximum
<br />maturity of the hereinafter mentioned bonds is five (5) years and
<br />that the maximum maturity of note's issued in anticipation of said
<br />bonds is ten (10) years from the date of issuance of the original
<br />notes¡ and
<br />
<br />WHEREAS, this ordinance ~s an emergency measure whic4 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 notes
<br />herein authorized is necessary to provide funds ,to retire the
<br />outstanding notes which are about to mature and thereby protect the
<br />credit of the City;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the Çity of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br />Section 1. It is hereby declared necessary to issue
<br />bonds of the City of Lakewood in the principal amount of $805,000
<br />for the purpose of acquiring motor vehicles and related equipment
<br />for use in carrying out functions of various departments of the
<br />City
<br />
<br />Section 2. Said bonds sha_ll be dated approximately
<br />May I, 1996, shall bear interest at the estimated rate of five per
<br />centum (5%) per annum, payable semi-annually, until the principal
<br />sum is paid; and shall mature in such five (5) annual principal in-
<br />stallments after their issuance that the total principal and
<br />interest payments in any year in which principal is payable is
<br />substantially equal.
<br />
<br />Section 3. It is hereby determined that notes (herein-
<br />after caEl..ed the UNotesll) in the principal amount of $805,000 sha11
<br />be issyed in anticipation of the issuance of said bonds for the
<br />above-described purpose. The Notes shaD. bear interest at a rate
<br />not exceeding the maximum interest rate of, ten per centum .(10%) per
<br />annum, as may be fixed by the Fiscal Officer in his certificate
<br />awarding the Notes, such interest to be payable at maturity, with
<br />provision, if requested by the purchaser, that, in the event of
<br />default, the same shall bear interest at a rate not exceeding the
<br />maximum interest rate of ten per centum (,10%) per annum until the
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