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PLACED ON I. ST READING & REFERRED TO TIIE
<br />F[N:\XCE COMM£'FTEE ~;,' 5/[~,,/96.
<br />
<br />ORDINANCE NO. 18-96
<br />
<br />By: Boscia, Corrigan, George,
<br /> Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINanCE to provide for $805,000 1994
<br />Motorized Equipment Bond Anticipation Notes - 1996 Renewal of the
<br />City of Lakewood, Ohio, in anticipation of the issuance of bonds
<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 /> WHEREAS, pursuant to Ordinance No. 50-94 passed April 18,
<br />1994, the Council of the City authorized the issuance of notes in
<br />anticipation of the issuance of bonds in the principal amount of
<br />$980,000 for the purpose hereinafter stated, which notes were dated
<br />May 12, 1994 and matured on May i!, 1995, which notes were retired
<br />with proceeds from notes in the principal amount of $805,000, which
<br />notes are dated May 10, 1995 and will mature May 10, 1996; and
<br />
<br /> WHEREAS, the Council of the City has determined that the
<br />outstanding principal of said notes shall be funded by the issuance
<br />of new notes in the princ!pal amount of $805,000 in anticipation of
<br />the issuance of bonds for the purpose hereinafner stated; and
<br />
<br /> WHEREAS, the Fiscal Officer has certified to this Council
<br />than the estimated life of the improvements hereinafter mentioned
<br />ls an 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 notes issued in anticipation of said
<br />bonds is men (~18) years from the date of issuance of the original
<br />notes; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which is
<br />necessary for ~he 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 City 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 shall be dated approximately
<br />May !, 1997, 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 ~hat notes (herein-
<br />after called the "Notes") in the principal amoun~ of $805,000 shall
<br />be zssued in anticipation of the issuance of said bonds for the
<br />above-described purpose. The Notes shall bear interest at a rate
<br />non exceeding the maxzmum inueresn raze 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 znzeresz rate of zen per cennum (10%) per annum until the
<br />
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