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Pl,,\('t!l) O.',' 1st Reading ~i Referred
<br />I:IN,\N(7I! tTO/qNI'?TEE on 5/17/97.
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<br />PLACED ON 2nd Reading 4/7/97.
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<br />ORDINANCE NO. I2-97 By: Boscia, Corrigan, Flannery,
<br /> George, Roth, Seelie, Saith
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<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $316,800
<br />Furnishings and Equipment Bond Anticipation Notes - 1997 Renewal of the City of Lakewood,
<br />Ohio, ia anticipation of the issuance of bonds for the purpose of acquiring furnishings and
<br />equipment for various departments of the City, as follows:
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<br /> WHEREAS, pursuant to Ordinance I 1-96 passed April I, 1996, the Council of the
<br />City authorized the issuance of notes in anticipation of the issuance of bonds in the principal
<br />mount of $316,800 for the purpose hereinafter stated, which notes are dated May 9, 1996 and
<br />will raamre May 9, 1997; and
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<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 $316,800 in
<br />anticipation of the issuance of bonds for the purpose hereinafter stated; and
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<br /> WHEREAS, the Fiscal'Officer has certified to this Council that the estimamt 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
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<br /> WHEREAS, this ordinance is an emergency measure which is necessary for the
<br />immediae 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 ca'edit 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 1. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the primipal amount of $3 I~5,800 for the purpose of acquiring furnishings and equipment for'
<br />various departments of the City.
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<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 sam is paid, and shall mature in such ten (10) annual principal installments after their
<br />issuance thai the total principal and interest payments in any year in wMch principal is payable is
<br />substantially equal ........
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<br /> Section.3. It is hereby determined that notes 0aereinaf~r called the "Notes") in
<br />the prineit~ amount of $316,800 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 ra~ of ten per eeatum (10%) per annum, as may be fixed by the Fiscal Officer in her
<br />eertificme 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 of ten 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 Fisca/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 tiffs 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
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