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<br />PLACED ON 1ST READING & REFERRED TO FINANCE CMTE
<br />ON 2/2/98. PLACED ON 2nd Reading 2/17/98.
<br />
<br />ORDINANCE NO. S-98
<br />
<br />By: Corrigan, Flannery, George,
<br />Roth, Seelie, Skindell, Smith
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $481,800 1995
<br />Motorized Equipment Bond Anticipation Notes - 1998 Renewal of the City of Lakewood, Ohio,
<br />in anticipation of the issuance of bonds for the purpose of acquiring motorized vehicles for
<br />various departments of the City
<br />
<br />WHEREAS, pursuant to Ordinance No 14-95 passed April 3, 1995, the Council
<br />of the City authorized the issuance of notes in anticipation of the issuance of bonds in the
<br />principal amount of $48 I ,800 for the purpose hereinafter stated, which notes were dated May 10,
<br />J 995 and matured on May 10, 1996, which notes were retired with proceeds ftom notes in the
<br />principal amount of $481,800, which notes were dated May 9,1996 and matured May 9,1997,
<br />which notes were retired with proceeds ITom notes in the principal amount of $481,800, which
<br />notes are dated May 9,1997 and will mature May 8,1998; and
<br />
<br />WHEREAS, the Council of the City has detel111ined that the outstanding principal
<br />of said notes shall be funded by the issuance of new notes in the principal amount 0£$481,800 in
<br />anticipation of the issuance of bonds for the purpose hereinafter stated; and
<br />
<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 />maxínmm maturity of the hereinafter mentioned bonds is five (5) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is ten (l 0) years from the date of issuance
<br />of the original notes; and
<br />
<br />\VHEREAS,this ordinance is an emergency measure which is necessary for the
<br />immedia(e presetvation 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 fimds to retire the outstanding notes which are about to mature and thereby
<br />protect the credit ofthe City;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyalloga
<br />County, Ohio:
<br />
<br />Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $481,800 for the purpose of acquiring motorized vehicles for various
<br />departments of the City,
<br />
<br />Section 2. Said bonds shall be dated approximately March I, 1999, shall bear
<br />interest at the estimated rate of five per centwn (5%) per annum, payable semi-annually, until the
<br />principal sum is paid, and shall mature in such five (5) 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 detennined that notes (hereinafter called the "Notes") in
<br />the principal amount of $481,800 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 maxiinum
<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 interept 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 nine months and
<br />one year ITom such date, as detel111ined 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, collection or service charge "Fiscal Officer" as
<br />used in this ordinance ineans the City's Director of Finance.
<br />
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