15-97 Refuse Garage Improvement Bond

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i)l,:\('t!l) ()N 1st Reading ~ Referred ~:INANCE COrq~xl['TTEE on 3/L7/97. PLACED ON 2nd readLng ~/7/97. ORDINANCE NO. 15-97 By: Boscia, Corrigan, Flannery, George, Roth, See~ie, S~ith AN EMERGENCY O~INANCE to provide for ~e iss~ce of $50,000 Ref~e Gmge Improvment Bond ~ficipation Notes - 1997 Renewfl of ~e Ciw of L~ewoo& Ohio, in mfieipation of ~e issuee of bonds for ~e pu~ose of improving ~e Rede Gmge md the p~ing lot ~erefor. ~AS, p~t to O~in~ce No. 15-96 ~sed April 1, 1996, ~e Co,ell of ~e CiW au~ofized ~e iss~ee of notes in mtieipafion of ~e iss~ee of bonds ~ ~e pfincipfl mo~t of $50,000 for ~e p~ose hereinaRer smt~ which notes ~e dated May 9, 1996 md ~I1 ma~ May 9, 1997; md ~AS~ ~e Co~cil of~e Ci~ h~ dete~ ~t ~e ou~ng p~cip~ of ~d not~ s~ be ~ded by ~e ~ce of new notes h ~ pfineipfl ~o~t of $50,000 in ~tidpafion of~e iss~ce of bon~ for ~e p~ose heralder rated; md ~~, ~e Fis~ O~c~ ~ ce~fi~ to ~ Co~cil ~t ~e ~t~t~ life of ~e ~pwvem~ hem~ m~fioned is at le~ five (5) y~ md ~ ~ c~fied ~e mmx~m ma~ of ~e h~er menfion~ bon~ is at 1~ ten (10) y~ md ~at ~e m~m ma~W of notes issu~ ~ mficipation of said bon~ is fi~een (15) yem ~m ~e date of hs~ce of~e ofig~ notes; md WHE~AS, ~s ordin~ce is ~ emergency m~e w~ch is necess~ for Ee ~e~ate ~afion of ~e ~blic peace, pro~, he~ ~e~ ~d welf~ ~ ~e Ciw ~d for ~e ~ ~on ~at ~e ~edi~e iSs~ce ~d ~e of ~e notes here~ ~ofized is n~es~ to p~vide ~ to ~ ~e oummding notes which ~ about to ma~ md ~ereby protect ~e ~t of~e Ciw; NOW, ~O~, BE IT O~ED by ~ Ci~ of L~ewoo~ Cuy~oga Co--W, Ohio: ~fion ~. It is h~by d~t~d necess~ to is~ bon& of ~e Ci~ of L~e~vood in ae pfincipfl ~o~t of $50,000 for ~e p~ose of impm~g ~e Rede ~e md ~e p~ng lot ~emfor. S~tion 2. S~d bon~ s~l be ~t~ app~ely May 1, 1998, s~l be~ ~te~ at ~e ~at~ ~ of five p~ e~ (5%) p~ ~ payable semi-~ly, ~fil ~e pfincipfl ~ is pr& md s~ m~ in ~ch t~ (I0) ~ ~ncipfl ~~ ~w ~eir hs~e ~t ~e to~ p~cipfl md ~t~ pa~en~ in ~y y~ ~ w~ch p~ci~ ~ ~yable is ~b~ly eq~. . $~on 3. It h ~by ~ed ~at not~ ~er ~led ~e "Not~ ~ · e ~cip~ ~o~t of $50,000 shill ~ is~ ~ ~ficipafion of ~e ~ce of ~d ~n~ for · e ~ove4~b~ ~se. ~ Not~ s~l be~ ime~t a a ~ not exc~ng ~e ~im~ intel rote of ten p~ ~ (10%) ~ ~, = my be ~ by ~e Fi~ Offic~ in her certificate a~ing ~e Not~ ~ch ~t~st to be payable ~ ~F, ~ pm~sion, if ~ted by ~e p~er, &~ in ~e ~t of defaulL &e s~ shill b~ int~ m a rote not exc~ng ~e mm~m~ ~te~ rote often per centare (10%) ~r ~ ~fil ~e principal sum is p~d; shall be ~ted ~r ~te of iss~ce md shall mature on a date benveen ~ne months md one ye~ from such ~te, ~ det~in~ by ~e Fiscal Offic~ ~1 not be subject to ~emption by ~e Ci~ at my time ~or to ma~F; ~d shill be payable ~ to bo~ ~ncipfl md inte~st at ~e office of ~e Fiscfl Officer of ~e CiF, or at b~ks or ~t ~mpmi~, ~ detained by ~e Fisol Officer, wi~out deduction for ~chmge, collection or s~ce ch,e. "Fi~l Officer" ~ ~ in ~is o~inmce meres &e City's Di~ctor of Finmc~ ~is~t Di~ctor of Finmce. Acting Di~tor of Fi~ce or Di~tor of Public Wor~. Section 4. Puget to S~fion 133.30(B), Ohio Revised Code. the F~al O~cer may combine the Notes with other noi~ into a single consolidm~ i~e of notes for pu~oses of their sale ~ a single issue, to ~ d~ignated "Various Pu~se General Obligation Bond