|
PLACED ON [st Readkng fi Referred
<br />FINANCE CObIM[TTEE on 3/17/97.
<br />PLACED ON 2nd Reading 4/7/97.
<br />
<br />ORDINANCE NO. 10-97 By: Boscia, Corrigan, Flannery,
<br /> George, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $481,800 1995
<br /> Motorized Equipment Bond Anticipation Notes - 1997 Renewal of the City of Lakewood, Ohio,
<br /> in anticipation of the issuance of bonds for the purpose of acquiring motorized vehicles for
<br /> various departments of the City.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 14-95 passed April 3, 1995, the Council
<br /> of the City authorized the issuance of notes in anticipation of the issuance of bonds in the
<br /> principal amount of $481,800 for the purpose hereinafter stated, which notes were dated May 10,
<br /> 1995 and matured on May 10, 1996, which notes were retired with proceeds fitom notes in the
<br /> principal amount of $481,800, which notes are dated May 9, 1996 and will mature May 9, 1997;
<br /> and
<br />
<br /> WHEREAS, the Council of the City has determined that the outstanding principal
<br /> of said notes shall be funded by the issuance of new notes in the principal amount of $481,800 in
<br /> anticipation of the issuance ofbonds for the purpose hereinafter stated; and
<br />
<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 five (5) years and that the maximum
<br /> maturity of notes issued in anticipation 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 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 to retire the outstanding notes which are about to mature and thereby
<br />· protect the credit of the City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br /> County, Ohio:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood
<br /> in the principal amount of $481,800 for the purpose of acquiring motorized vehicles for various
<br /> departments of the City.
<br />
<br /> Section 2. Said bonds shall be dated approximately May I, 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-sli~lI'mature in such five (5) annual principal installments after their
<br /> issuance that the total principal and interest payments in any year in which pn'ncipal 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 $481,.800 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 (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 centum (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 />to
<br />
<br />
<br />
|