19-96 1995 Motorized Equip Bond $481,800

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PLACED ©N 1st READING & REFERRED FINANCE CO.X[Y:ITTEE ON 3/18/96. ORD iNA=NCE NO. 19-96 By: Boscia, Corrigan, George, Roth, Seelie, Smith AN EMERGENCY ORDINANCE to provide for $481,800 1995 Motorized Equipment Bond Anticipation Notes - 1996 Renewal of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of acquiring motorized vehicles for various departments of the City. WHEREAS, pursuant to Ordinance No. 14-95 passed April 3, 1995, the Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in the principal amount of $48!,800 for the purpose hereinafter stated, which notes are dated May !0, 1995 and will mature on May 10, 1996; and WHEREAS, the Council of the City has determined that the outstanding principal of said notes shall be funded by the issuance of new notes in the principal amount of $481,800 in anticipation of the issuance of bonds for the purpose hereinafter stated; and WHEREAS, the Fiscal OffiCer has certified to this Council 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 five (5) years and that the maximum maturity of notes issued in anticipation of said bonds is ten (10) 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 that the immediate issuance and sale of the notes herein authorized is necessary to provide funds to retire the ou=standing notes which are about to mature and thereby protect the credit 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 $481,800 for the purpose of acquiring motorized vehicles for various deparuments of the City. Section 2. Said bonds shall be dated approximately May 1, !997, 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 five (5) annual principal in- stallmenus after their issuance that the total principal and in~eresz payments in any year in which principal is payable is subsuanuia!ly equal. Section 3. It is hereby determined that notes (herein- after called the "Notes") in the principal amount of $481,800 shall be issued in anticipation of the issuance of said bonds for the above-described purpose. The Notes shall bear interest at a rate no~ exceeding the maximum interest rate of zen per centum (10%) per annum, as may be fixed by the Fiscal Officer in her certificate awarding the Notes, such interest ~o be payable at maturity, with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a raze not exceeding the maximum interest raze of ten per centum (10%) per annum until the principal sum is paid; shall be dated their date of issuance and shall mauure on a date between nlne 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 to maturity; and shall be