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I~l,,\t'El) ON [sC Reading ~ Referred
<br />FIN,XN(TE CObl..xtiTTEE on 5/17/97.
<br />
<br />PI,:\CI~D t)N 2nd Reading 4/7/9-.
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<br />ORDINANCE NO. 13-97 By: Boscia, Corrigan, Flannery,
<br /> George, Roth, Seelie, Saith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $95,000 Service
<br />Garage Improvement Bond Anticipation Notes - 1997 Renewal of the City of Lakewood, Ohio,
<br />in anticipation of the issuance of bonds for the purpose of renovating the service garage by
<br />repairing the roof and installing air conditioning.
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<br /> WHEREAS, pursuant to Ordinance No. 12-96 passed April 1, 1996, the Council
<br />of the City authorized the issuance of notes in anticipation of the issuance of bonds in the
<br />principal amount of $95,000 for the purpose hereinafter stated, which notes are dated May 9,
<br />1996 and will mature May 9, 1997; and
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<br /> ~, 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 $95,000 in
<br />anticipation of the issuance of bonds for the purpose hereinafter stated; and
<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 twenty (20) years and that the
<br />maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the
<br />date of issuance of the original notes; 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 to retire the outsmading 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:
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<br /> Section I. It is hereby declared necessary to issue bonds of the City of Lake~vood
<br />in the prinoipal amount of $95,000 for the purpose of renovating the service garage by repairing
<br />the roof and installing air conditioning.
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<br /> Section2. Said bonds flaatl be dated approximately May 1, 1998, shall bear
<br />interest at the estimated rate of six per eentum (6%) per annum, payable semi-annually, until the
<br />prinoipal sum is paid, and shall mature in ~'uch twenty (20) annual principal installments after
<br />their i~-aance that the total principal and intere~ payments in any year in which principal is
<br />payable is substantially equal.
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<br /> Section 3. It is hereby determined that notes (hereinatter called the "Notes") in
<br />the principal amount of $95,000 shall be issued in anticipation of the issuance of said bonds for
<br />the above-d~eribed lan'pose. The Notes shall bear interest at a rote not exceeding the maximum
<br />interest rate often per centare (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 cantata 00%) per annum until the principal sum
<br />is paid; shall be dated their date of issuance and shall mature on a date bet~veen 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, eolleedon 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 Pablic 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 />
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