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PLACED ON 1st Reading & REFERRED TO
<br />FINANCE Committee on 9/3/96.
<br />
<br />ORDINANCE NO. 54-96
<br />
<br />By: Boscia, Corrigan, Flannery,
<br /> George, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $200,000 City
<br />Hall Improvement Bond Anticipation Notes of the City of Lakewood,
<br />Ohio, in anticipation of the issuance of bonds for the purpose of
<br />renovating and otherwise improving City Hall'.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 46-93 passed
<br />September 20, 1993, the Council of the City authorized the
<br />issuance of notes in anticipation of the issuance of bonds in the
<br />principal amount of $200,000 for the purpose hereinafter stated,
<br />which notes were dated October 8, 1993 and matured on October 7,
<br />1994, which notes were retired with the proceeds of notes in the
<br />principal amount of $200,000 which notes were dated October 6,
<br />1994 and matured on October 5, 1995, which notes were retired with
<br />the proceeds of notes in the principal amount of $200,000, which
<br />notes are dated October 5, 1995 and will mature on October 4,
<br />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 $200,000 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 thirty (30)
<br />years and that the maximum maturity of notes issued in antici-
<br />pation of said bonds is twenty (20) years from the date of
<br />issuance of the original notes; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which
<br />is 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 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 $200,000
<br />for the purpose of renovating and otherwise improving City Hall.
<br />
<br /> Section 2. Said bonds shall be dated approximately
<br />October 1, 1997, shall bear interest at the estimated rate of six
<br />per centum (6%) per annum, payable semi-annually, until the
<br />principal sum is paid, and shall mature in such twenty (20) 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 $200,000
<br />shall be issued in anticipation of the issuance of said bonds for
<br />the above-described purpose. The Notes shall bear interest at a
<br />rate not exceeding the maximum interest rate of ten per centum
<br />(10%) per annum, as may be fixed by the Fiscal Officer in her
<br />certificate awarding the Notes, such interest to be payable at
<br />maturity, with provision, if requested by the purchaser, that, in
<br />
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