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<br />ORDINANCE NO. 7-97
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<br /> PI,ACED ON 1st Reading 6 Referred
<br /> FINANCE CMTE on 3/t7/97.
<br /> PLACED ON 2nd Reading 4/7/97.
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<br />By: goscia, Corrigan, Flannery,
<br />George, Roth, Seet£e, Saith
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<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $264,000 Street
<br />Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of the
<br />issuance of bonds for the purpose of paying the property owners' portion, in anticipation of the
<br />levy and collection of special assessments, and the City's portion of the cost of improving Forest
<br />Road from Clifton Road north to a cul-de-sac and Clifton Road from Clifton Boulevard southerly
<br />to Lake Road by reconstruction and replacement of the base and resurfacing with reinforced
<br />concrete, including the necessary installation and replacement of the curbs, aprons and sidewalks,
<br />together with all necessary appurtenances thereto, and tree lawn restoration.
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<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 December 31, 2002; and
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<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 />necessary to provide funds for the construction of the improvement, which is urgently needed to
<br />protect the safety and health of the citizens of the City;
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<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio:
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<br /> Section I. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $264,000 for the purpose of paying the property owners' portion, in
<br />anticipation of the levy and collection of special assessments, and the City's portion of the cost
<br />of improving Forest Road from Clifton Road north to a cul-de-sac and Clifton Road from Clifton
<br />Boulevard southerly to Lake Road by reconstruction and replacement of the base and resurfacing
<br />with reinforced eoncrete,,including the necessary installation and replacement of curbs, aprons
<br />and sidewalks, together with all necessary appurtenances thereto, and tree lawn restoration.
<br />
<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.
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<br /> Section 3. It is hereby determined that notes (hereinafter called-the "Notes") in
<br />the principal amount of $264,000 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 often per centum 00%) 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 centum 00%) 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.
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<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
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