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Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood <br />in the principal amount of $168.300 fbr the purpose of acquiring motor vehicles and <br />appurtenances thereto for various departments of the City. <br /> <br /> Section 2. Said bonds shall be dated approximately October 1, 1998, shall bear <br />interest at the estimated rate of five per centum (5%) per annum, payable semi-annually, until the <br />pnncipal sum is paid. and shall mature in such two (2) 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. <br /> <br /> Section 3. It is hereby determined that notes (hereinafter called the "Notes") in <br />the principal amount of $168,300 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 of ten 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 six months and <br />one year from such date, inclusive, as determined by the Fiscal Officer; shall not be subject to <br />redemption by the City at any time prior to maturity; and shall be payable as to both principal <br />and interest at the office of the Fiscal Officer of the City, or at banks or trust companies, as <br />determined by the Fiscal Officer, without deduction for exchange, collection or service charge. <br />"Fiscal Officer" as used in this ordinance means the City's Director of Finance or Assistant <br />Director of Finance. <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 />Anticipation Notes, Series 1997B"; 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 <br />pursuant to this ordinance; shall be issued in such numbers and denominations as may be <br />requested by the original purchaser; and shall be executed by the Mayor and Fiscal Officer, <br />provided that one of such signatures may be a facsimile signature. <br /> <br /> Section 5. The Notes shall be sold at the par value thereof by the Fiscal Officer at <br />private sale in a manner determined by the Fiscal Officer to be in the best interest and welfare of <br />the City and at an interest rate not exceeding that specified in Section 3 of this ordinance. The <br />Director of Lasv shall obtain the services of qualified Bond Counsel. and her selection of Calfee, <br />Halter & Griswold LLP, Bond Attorneys, Cleveland, Ohio, as Bond Counsel for the Notes is <br />hereby confirmed, approved and ratified. The Fiscal Officer shall cause the Notes to be prepared, <br />and have the Notes signed and delivered, together with a true transcript of proceedings with <br />reference to the issuance of the Notes, to the original purchaser thereof upon payment of the <br />purchase price. The proceeds from the sale of said Notes, except the accrued interest thereon, <br />shall be paid into the proper fund and used for the purpose for which the Notes are being issued <br />under the provisions of this ordinance. The proceeds of the Notes also may be used to pay, and <br />are hereby appropriated to pay, those certain costs of issuance set forth in Section 133.15(B), <br />Ohio Revised Code; any such costs also may be paid out of any other la~vfully available moneys <br />of the City, which monies are hereby appropriated to such purpose: any such costs which are <br />future financing costs may be paid from the same sources from which the principal of and <br />interest on the Notes are paid. which monies are hereby appropriated for such purpose. Any <br />accrued interest shall be paid into the Bond Retirement Fund to be applied to the payment of the <br />principal and interest of the Notes in the manner provided by law. <br /> <br />I-1:' FENIX\ 14282\ 14282EEA.81B 2 <br /> <br /> <br />