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<br />PLACED ON 1ST READING & REFERRF~~\TO FINANCE CMTE
<br />ON 2/2/98. PLACED ON 2nd Reading ¿/17/98.
<br />
<br />ORD[NANCE NO. 7-98
<br />
<br />By: Corrigan, Flannery, George,
<br />Roth, See1ie, Skinde11, Smith
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $2,060,800
<br />Bonds for various purposes,
<br />
<br />WHEREAS, pursuant to Ordinance Nos. 4-97, 5-97, 6-97, 8-97, 9-97, [2-97, 13-
<br />97, [4-97, [5-97, 16-97 and [8-97, each passed on Apri[ 21, [997, the Council of the City
<br />authorized the issuance of notes in anticipation of the issuance of Bonds in the aggregate
<br />principal aœount of$l,860,800 for the various purposes hereinafter stated, which notes are dated
<br />May 9,1997 and wiU mature on May 8,1998; and
<br />
<br />WHEREAS, pursuant to Ordinance No. 35-97, passed on September 15, [997, the
<br />Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in
<br />the aggregate principal amount of $200,000 for the purpose hereinafter stated, which notes are
<br />dated October 3, [997 and will mature on May 8, 1998; and
<br />
<br />WHEREAS, the Council of the City has detennined that the outstanding principal
<br />of said notes shaU be funded by the issuance of Bonds in the principal amount of $2,060,flJO for
<br />the various purposes hereinafter stated; and
<br />
<br />WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council
<br />that the estimated !ife of the improvements hereinafter mentioned is at [east five (5) years and bas
<br />further certified the maximum maturity of the hereinafter mentioned Bonds issiJed for each such
<br />purpose;
<br />
<br />WHÈREAS, this Ordinance is an emergency measure which is necessary for the
<br />immediate preservation of the public peace, property, health, safety and welfare in tlÎe City and
<br />for the further reason that the immediate issuance and sale of the Bonds is necessary to maximize
<br />interest costs savings in a fluctuating bond market.
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio:
<br />
<br />SECTION!. It is hereby declared necessary to issue Bonds (the "Bonds") of the
<br />City of Lakewood in the aggregate principal Sum of $2,060,800 for the foUowing purposes (the
<br />principal amount for each purpose is indicated in parentheses): (a) improving streets and
<br />municipal properties by clearing, trimming and planting trees ($50,000); (b) acquiring motorized
<br />equipment for various departments of the City ($78,000); (c) acquiring a pumper truck, together
<br />with all necessary appurtenances thereto, for the fire department of the City ($225,000); (d)
<br />renovating, furnishing and equipping municipal buildings and improving municipal sites and
<br />rights·of-way ($630,000); (e) acquiring motorized equipment for various departments of the City
<br />($ [95,000); (I) acquiring furnishings and equipment for various departments of the City
<br />($3 I 6,800); (g) reMvating the service garage by repairing the roof and installing air conditioning
<br />($95,000); (11) improving streets and munièipal properties by clearing, trimming and planting
<br />Irees and preparing an inventory thereof ($90,000); (i) improving the Refuse Garage and the
<br />parking lot therefor ($50,000); OJ improving certain streets by instalIing traffic signalization
<br />devices ($10,000); (k) improving various sites ($[21,000); and (1) renovating and otherwise
<br />improving City Hall ($200,000).
<br />
<br />SECTION 2. The Bonds shall be issued in one lot and notes not have been issued
<br />in anticipation of the Bonds. The Bonds may be issued in the denomination of $100 or any
<br />integral multiple of $100, hut in no case as to a particular maturity date exceeding the principal
<br />amount maturing on that date. The Bonds shaU be dated March 1, 1998.
<br />
<br />The Bonds shall bear interest at the rate or rates of interest (computed on a 360-
<br />day per year basis) as specified in a certificate of award which shall be signed by the Fiscal
<br />Officer- and provide for the award of the ·Bonds in accordance with Section 5 of this ordinance
<br />(the "Certificate of Award''). Interest on the Bonds shaU be payable on June 1 and December 1
<br />of each year (the Interest Payment Dates), commencing June 1, 1998, until the principal amount
<br />
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