35-96 Foster Pool Improvement Bond $35,000

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PLACED ON 1st Reading & REFERRED TO FINANCE COMMITTEE ON 9/3/96. ORDINANCE NO. 55-96 By: Boscia, Corrigan, Flannery, George, Roth, Seelie, Smith AN EMERGENCY ORDINANCE to provide for $35,000 Foster Pool Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of improving the City's recreational facilities by rehabilitating, renovating, equipping and otherwise improving Foster Pool and its site. WI{EREAS, pursuant to Ordinance No. 86-94 passed September 6, 1994, the Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in the principal amount of $35,000 for the purpose hereinafter stated, which notes were dated October 6, 1994 and matured on October 5, 1995, which notes were retired with the proceeds of notes in the principal amount of $35,000, which notes are dated October 5, 1995 and will mature on October 4, 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 $35,000 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 at least ten (10) years and that the maximum maturity of notes issued in anticipation of said bonds is fifteen (15) years from the date of issuance of the original notes; and W~EREAS, 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 outstanding notes which are about to mature and thereby protect the credit of the City; NOW, T~EREFORE, 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 $35,000 for the purpose of improving the City's recreational facilities by rehabilitating, renovating, equipping and otherwise improving Foster Pool and its site. Section 2. Said bonds shall be dated approximately October 1, 1997, 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 ten (10) annual principal installments after their issuance that the total principal and interest payments in any year in which principal is payable is substantially equal. Section 3. It is hereby determined that notes (herein- after called the "Notes") in the principal amount of $35,000 shall be issued in anticipation of the issuance of said bonds for the above-described purpose. The Notes shall bear interest at a rate not exceeding the maximum interest rate of ten per centum (10%) per annum, as may be fixed by the Fiscal Officer in her certificate awarding the Notes, such interest to be payable at