11-96 Furnishings & Equip Bonds $316,800

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PLACED ON 1st READING & REFERRED TO FINANCE COMMIT.---E :DX ORDINANCE NO. 11-96 By: Bcscia, Corrigan, George, Rorh, Seelie, Smith Ai~ EMERGENCY ORDINANCE to orovide for $316,800 Furnishings and Equipment Bond AnticipatiOn Notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of acquiring furnishings and equipment for various departments of the City, as follows: WHEREAS, the Fiscal Officer has certified to this Council that the estimated life of the improvemenus hereinafter mentioned is at least five (5) years and has further certified the maximum maturity of ~he hereinafter mentioned bonds is ten (10) years and that the maximum maturity of notes issued in anticipation of said bonds is fifteen (15) years from the date of issuance of the original notes; 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 ghat the immediate issuance and sale of the notes herein authorized is necessary to provide funds for the acquisition of the furnishings and equipment, Which are urgently needed to protect the safety and health of the citizens of the City; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $316,800 for the purpose of acquiring furnishings and equipment for various departments of the City. Section 2. Said bonds shall be dated approximate!~ May 1, 1997, shall bear interest at the estimated rate of five per centum (5%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in such ten (10) annual principal installments after their issuance that the total principal and interest payments in any year in which orincipal is payable is substantially equal. ~ Section 3.. It is hereby determined that notes (herein- after called the "Notes") in the principal amount of $316,800 shall be issued in anticipation of the issuance of said bonds for the above-described purpose. The Notes shall bear interest at a rate not exceeding the maximum interest rate of ten per centum (10%) per annum, as may be fixed by the Fiscal Officer in her certificate awarding the Notes, such interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a rate not exceeding the maximum interest rate of ten per centum (10%) per annum until the principal sum is paid; shall be dated their date of issuance and shall mature on a date between nine months and one year from such date, as determined by the Fiscal Officer;~shall not be subject to redemption by the City.at any time prior t~ maturity; and shall be payable as to both principal and interest at the office of the Fiscal Officer of the City, or at banks or trust companies, as determined by the Fiscal Officer, without deduction for exchange, collection or service charge. "Fiscal Officer" as used in this ordinance means the City's Director of Finance, Assistant Director of Finance, Acting Director of Finance or Director of Public Works. Section 4. Pursuant to Section 133.30(B), Ohio Revised Code, the Fiscal Officer may combine the Notes with other notes into a single consolidated issue of notes for purposes of their sale as a single issue, to be designated "various Purpose General