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PLATTED ON 1ST READ£NG ~ REFERRED to the
<br />FINANCE CO.XlM[TTEE on 5,,/t8/96.
<br />
<br />ORDINANCE NO. 17-96
<br />
<br />By:
<br />
<br />Boscia, Corrigan, George,
<br />Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $400,000 Water
<br />System Improvement Bond Anticipation Notes of the City of Lakewood,
<br />Ohio, in anticipation of the issuance of bonds for the purpose of
<br />constructing improvements to the City's water system, as follows:
<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 forty {40) years and
<br />that the maximum maturity of notes issued in anticipation of said
<br />bonds is twenty (20) years from the date of issuance of the origi-
<br />nal notes; 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 reason that the immediate issuance and sale of the notes
<br />herein authorized is necessary to provide funds for the
<br />construction of the improvement, which is urgently needed to
<br />protect the safety and health of the citizens of the City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section !. It is hereby declared necessary to issue
<br />bonds of the City of Lakewood in the principal amount of $400,000
<br />for the purpose of constructing improvements to the City's water
<br />system.
<br />
<br /> Section 2. Said bonds shall be dated approximately
<br />May 1, 1997, shall bear interest at the estimated rate of six per
<br />centum (6%) per annum, payable semi-annually, until the principal
<br />sum is paid, and shall ma~ure in such twenty (20) annual principal
<br />installments 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 called the "Notes") in the principal amount of $400,000 shall
<br />be issued in anticipation of the issuance of said bonds for the
<br />above-described purpose. The Notes shall 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 her 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
<br />principal sum is paid; shall be dated their date of issuance and
<br />shall mature on a date between nine months and one year from such
<br />date, as determined /ky the Fiscal Officer; shall not be subject to
<br />redemption by the City aU any time prior to maturity; and shall be
<br />payable as to both principal and interest at the office of the
<br />Fiscal Officer of the City, or at banks or trust companies, as
<br />determined by the Fiscal Officer, without deduction for exchange,
<br />collection or service charge.,,Fiscal Officer" as used in this
<br />ordinance means the City's Director of Finance, Assistant Director
<br />of Finance, Acting Director of Finance or Director of Public Works.
<br />
<br /> Section 4. Pursuant to Section 133.30(B), Ohio Revised
<br />Code, the Fiscal Officer may combine the Notes with other notes
<br />into a single consolidated issue of notes for purposes of their
<br />sale as a single issue, to be designated "Various Purpose General
<br />Obligation Bond Anticipation Notes, Series !996"; such notes shall
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