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PLACED ON 1st Reading 6 Referred
<br />to FINANCE CM'I'E ON 3/17/97.
<br />PLACED ON 2nd Reading 4/7/97.
<br />
<br />ORDINANCE NO. 6-97 By: Boscia, Corrigan, Flannery,
<br /> George, Roth, Seelie, S~ith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $225,000
<br />Pumper Truck Acquisition Bond Anticipation Notes of the City of Lakewood, Ohio, in
<br />~ticipation of trw issnance of bonds for the purpose of acquiring a pumper track, together with
<br />all necessary appurtenances thereto, for the fire department of the City.
<br /> WHEREAS, the Fiscal Officer has certified to this Council that the estimated life
<br />of the improvements hereinafter mentioned is at least five (5) years and has further certified the
<br />maximum maturity of the hereinafter mentioned bonds is ten (10) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is fifteen (15) years from the date of
<br />issuance of the original notes; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which is necessary for the
<br />immediate preservation of the public peace, property, health, safety and welfare in the City and
<br />for the further reason that the immediate issuance and sale of the notes herein authorized is
<br />nece~ary to provide funds for the equipment urgently needed to protect the safety of the citizens
<br />of the City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br /> County, Ohio:
<br />
<br /> Section!. It is hereby declared necessary to issue bonds of the City of Lakewood
<br /> in the principal mount of $225,000 for the purpose o.f acquiring a pumper truck, together with
<br /> all necessary appurtenances thereto, for the fire department of the City.
<br /> ~Section.2. Said bonds shall be dated approximately May 1, 1998, shall bear
<br /> interest at the estimated rate of five per centum (5%) per annum, payable semi-annually, until the
<br /> principal sum is paid, and shall mature in such ten (10) annual principal installments after their
<br /> issuance that the total principal and interest payments in any year in which principal is payable is
<br /> substantially equal.
<br />
<br /> Section 3.. It is hereby determined that notes (hereinafter called the "Notes") in
<br /> the principal amount of $225,000 shall be issued in anticipation of the issuance of said bonds for
<br /> the above-described purpose. The Notes shall bear interest at a rate not exceeding the maximum
<br /> interest rate of ten per cenmm (10%) per annum, as may be fixed by the Fiscal Officer in her
<br /> certificate awarding the Notes, such interest to be payable at maturity, with provision, if
<br /> requested by the purchaser, that, in the event of default, the same shall bear interest at a rate not
<br /> exceeding the maximum interest rate often per eenturn (10%) per annum until the principal sum
<br /> is paid; shall be dated their date of issuance and shall mature on a date between nine months and
<br /> one year from such date, as determined by the Fiscal Officer; shall not be subject to redemption
<br /> by the City at any time prior to maturity; and shall be payable as to both principal and interest at
<br /> the office of the Fiscal Officer of the City, or at banks or trust companies, as determined by the
<br /> Fiscal Officer, without deduction for exchange, collection or service charge. "Fiscal Officer" as
<br /> used in this ordinance means the City's Director of Finance, Assistant Director of Finance,
<br /> Acting Director of Finance or Director of Public Works.
<br />
<br /> Section 4. Pursuant to Section 133.30(B), Ohio Revised Code, the Fiscal Officer
<br /> may combine the Notes with other notes into a single consolidated issue of notes for purposes of
<br /> their sale as a single issue, to be designated "Various Purpose General Obligation Bond
<br /> Anticipation Notes, Series 1997"; such notes shall contain a summary statement of purposes
<br /> encompassing the purpose for which the Notes are issued; shall state that they are issued
<br /> pursuant to this ordinance; shall be issued in such numbers and denominations as may be
<br /> requested by the original purchaser; and shall be executed by the Mayor and Fiscal Officer,
<br /> provided that one of such signatures may be a facsimile signature.
<br />
<br /> Section 5. The Notes shall be sold at not less than the par value thereof in a
<br /> manner determined by the Fiscal Officer to the purchaser offering the lowest interest cost to the
<br /> City at an interest rote not exceeding that specified in Section 3 of this ordinance after
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