13-96 Tree Planting Bond $90,000

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PLACED ON 1ST READrNG & REFERRED TO THE FINANCE COM.XtlTTEE ON 5/t8/90. ORDINANCE NO. 13-96 By: Boscia, Corrigan, George, Rorh, Seelie, Smith AN EMERGENCY ORDINANCE to provide for $90,000 Tree Planting Bond Anticipation Notes of the City cf Lakewcod, Ohio, in anticipanion of the issuance of bonds for the purpose of improving streets and municipal properties by clearing, trimming and planting trees and preparing an inventory thereof, as follows: WHEREAS, the Fiscal Officer has certified to this Ccunci! that the estimated life of the improvements hereinafter mentioned is at least five (5) years and has further certified the maximum maturity of the 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 W~EREAS, 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 notes herein authorized is necessary to provide funds for the construction of the improvements, 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 princzpal amount of $90,000 for the purpose of improving streets and munic~pa! properties by clearing, trimming and planting trees and preparing an invenmory thereof. Section 2. Said bonds shall be dated approximately May 1, 1997, shall bear interest at the estimated rate of five per centum (5%) per annum, payable ~emi-annua!!y, until the principal sum is paid, and shall mature zn such ten (10) annual principal installments after their issuance that the total principal and interest payments in any year in which principal is payable is substantially equal. Section 3. It is hereby determined that notes (herein- after called the "Notes") in the principal amount of $90,000 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 lnterest rate of ten per centum (!0%) per annum, as may be fixed by the Fiscal Officer in her certificate awarding the Notes, such interesu to be payable au maturity, with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a race not exceeding the maximum interesu raze of ten per cenuum (10%) per annum until the principal sum is paid; shall be dated their daze of issuance and shall mauure on a date between nine months and one year from such date, as determined by the Fiscal Officer; shall nou be subject to redemption by the City au any time prior ~o manurity; and shall be payable as to both principal and interest au the office of the Fiscal Officer of the City, or aE banks or trust companies, as determined by the Fiscal Officer, without deduczzon for exchange, col!eccion 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. Pursuanu uo Section !33 30(B), Ohio Revised Code, the Fiscal Officer may combine the Notes with other nones inuo a single consolidated issue of noces for purposes of nheir