36-97 1990 Real Estate Acquisition Bond $220,000

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Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the pnnc~pal amount of $220.000 for the purpose of constructtng roadways and installing water mains, samtary and storm sewers and sidewalks and all necessary appurtenances thereto. improving sites for off-street parking of motor vehicles and a park and acquiring real estate therefor. Section 2. Said bonds shall be dated approximately October 1, 1998. shall bear interest at the estimated rate of seven and one-half per centum (7-t/2%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in such eighteen (18) annual principal installments after their issuance that the total principal and interest payments in any year in which principal is payable is substantially equal. Section 3. It is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $220,000 shall be issued in anticipation of the issuance of said bonds for the above-described purpose. The Notes shall bear interest at a rate not exceeding the maximum interest rate of eight per centum (8%) per annum, as may be fixed by the Fiscal Officer in her certificate awarding the Notes, such interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event of defauk, the same shall bear interest at a rate not exceeding the maximum interest rate of ten per centum (10%) per annum until the principal sum is paid; shall be dated their date of issuance and shall mature on a date between nine months and one year from such date, inclusive, as determined by the Fiscal Officer; shall be subject to redemption by the City at any time prior to maturity; and shall be payable as to both principal and interest at the office of the Fiscal Officer of the City, or at banks or trust companies, as determined by the Fiscal Officer, without deduction for exchange, collection or service charge. "Fiscal Officer" as used in this ordinance means the City's Director of Finance or Assistant Director of Finance. Section 4. The Notes shall set forth the purpose for which they are issued; shall state that they are issued pursuant to this ordinance; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be executed by the Mayor and Fiscal Officer, provided that one of such signatures may be a facsimile signature. Section 5. The Notes shall be sold at not less than the par value thereof by the Fiscal Officer to the Treasury Investment Account of the City established hereby pursuant to general law at an interest rate not exceeding that specified in Section 3 of this ordinance. The Director of Law shall obtain the services of qualified Bond Counsel, and her selection of Calfee, Halter & Griswold LLP, Bond Attorneys, Cleveland, Ohio, as Bond Counsel for the Notes is hereby confirmed, approved and ratified. The Fiscal Officer shall cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Notes, to the original purchaser thereof upon payment of the purchase price. The proceeds from the sale of said Notes, except the accrued interest thereon, shall be paid into the proper fund and used for the purpose for which the Notes are being issued under the provisions of this ordinance. The proceeds of the Notes also may be used to pay, and are hereby appropriated to pay, those certain costs of issuance set forth in Section 133.15(B), Ohio Revised Code: any such costs also may be paid out of any other lawfully available moneys of the City, which monies are hereby appropriated to such purpose; any such costs which are future financing costs may be paid from the same sources from which the principal of and interest on the Notes are paid. which monies are hereby appropriated for such purpose. Any accrued interest shall be paid into the Bond Retirement Fund to be applied to the payment of the principal and interest of the Notes in the manner provided by law. It:\FEN1X\I4252~ 14282EED.81B 2