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PLACED ON 1st Reading ~ Referred TO
<br />FINANCE COMMITTEE ON 9/5/96.
<br />
<br />ORDINANCE NO. 33-96
<br />
<br />By: Boscia, Corrigan, Flannery,
<br /> Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $426,000
<br />Motorized Equipment Bond Anticipation NOtes, Series B of the City
<br />of Lakewood, Ohio, in anticipation of the issuance of bonds for
<br />the purpose of acquiring motor vehicles and appurtenances thereto
<br />for various departments of the City.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 75-91 passed
<br />September 3, 1991, the Council of the City authorized the issuance
<br />of notes in anticipation of the issuance of bonds in the principal
<br />amount of $426,000 for the purpose herei.nafter stated, which notes
<br />were dated October 11, 1991 and matured on October 9, 1992, which
<br />notes were retired with the proceeds of notes in the principal
<br />amount of $426,000 'which notes were dated October 9, 1992 and
<br />matured on October 8, 1993, which notes were retired with the
<br />proceeds of notes in the principal amount of $426,000 which notes
<br />were dated October 8, 1993 and matured on October 7, 1994, which
<br />notes were retired with the proceeds of notes in the principal
<br />amount of $426,000 which notes were dated October 6, 1994 and
<br />matured on October 5, 1995, which notes were retired with the
<br />proceeds of notes in the principal amount of $426,000, which notes
<br />are dated October 5, 1995 and will mature on October 4, 1996; and
<br />
<br /> WHEREAS, the Council of the City has determined that
<br />the outstanding principal of said notes shall be funded by the
<br />issuance of new notes in the principal amount of $426,000 in
<br />anticipation of the issuance of bonds for the purpose hereinafter
<br />stated; and
<br />
<br /> WHEREAS, the Fiscal Officer has certified to this
<br />Council that the estimated life of the improvements hereinafter
<br />mentioned is at least five (5) years and has further certified the
<br />maximum maturity of the hereinafter mentioned bonds is five (5)
<br />years and that the maximum maturity of notes issued in antici-
<br />pation of said bonds is ten (10) years from the date of issuance
<br />of the original notes; and
<br />
<br /> WHEREAS, this ordinance is an-emergency measure which
<br />is n~6essary 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 to retire the
<br />outstanding notes which are about to mature and thereby protect
<br />the 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 $426,000
<br />for the purpose of acquiring motor vehicles and appurtenances
<br />thereto for various departments of the City.
<br />
<br /> Section 2. Said bonds shall be dated approximately
<br />October 1, 1997, shall bear interest at the estimated rate of five
<br />per centum (5%) per annum, payable semi-annually, until the
<br />principal sum is paid, and shall mature in such five (5) annual
<br />principal installments after their issuance that the total
<br />principal and interest payments'in any year in which principal is
<br />payable is substantially equal.
<br />
<br /> Section 3. It is hereby determined that notes (herein-
<br />after called the "Notes") in the principal amount of $426,000
<br />
<br />
<br />
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