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PLACED ON
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<br />ORDINANCE NO. 2 - 99
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<br />1ST READING ~ REFERRED to Fin. 1/19/99.
<br />PLACED ON 2nd READ. lING 2/1/99
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<br /> By:Corrigan, FitzGerald, George,
<br /> Seelie, Skindell, Smith
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<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $536.200 Police
<br />Communication Equipmem Bond Anticipation Notes of the City of Lakewood. Ohio, in
<br />anticipation of the issuance of bonds for the purpose of acquiring communication equipmem for
<br />the police and fu'e departments of the City.
<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 />maximum maturity of the 'hereinafter mentioned bonds is fifteen (15) years and that the
<br />maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the
<br />date of issuance of the original notes; and
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<br /> WHEREAS, this ordinance is an emergency measure which is necessary for the
<br />immediate preservation 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 funds for the equipment urgently needed to protect the safety and health of
<br />the citizens of the CIW,
<br />
<br /> NOW, THERF~ORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio:
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<br /> Section I. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $536,200 for the purpose of acquiring eorrununication equipment for
<br />the police and fire depamnents of the City.
<br />
<br /> $~cet~on Z Said bonds shall be dated approximately March I, 2000, shall bear
<br />interest at the esfima~d raIe of five per centum (5%) per annum, payable semi-annually, until the
<br />principal sum is psid, and shall mature in such fifteen (15) annual principal installments after
<br />their issuance that the total principal and interest payments in any year in which principal is
<br />payable is substamially equal.
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<br /> Section 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $536200 shall be issued in anticipation of the issuance of said bonds for
<br />the above-deserihed purpose. The Notes shall bear interest at a rate not exceeding the maximum
<br />interest rate of six per centare (6%) per annum, as may be fixed by the Fiscal Officer in her
<br />certificate awar41~n_g the Notes, meh interest to be payable at maturity, with provision, if
<br />requested by the purchaser, that, ha the event of default, the same shall bear interest at a rate not
<br />exceeding the mmfimum interest rate of tan per canturn (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 from such date, as determined by the Fiscal Officer;, sl, mil 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 F~:al 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 ordina/x~ means the City's 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 shagle issue, to be designated "Various Purpose General Obligation Bond
<br />Anticipation Notes, Series 1999"; 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 /> The Notes. pursuant to the terms set forth below, may also be issued to a
<br />Depository (as hex~-ina~er defined) for use in a book-entry system (as hereinafter defined). The
<br />Director of Finance is hereby authorized and directed, to the extent necessary or required, to
<br />enter into any agreements determined necessary in connection with the authentication,
<br />immobilization, md transfer of Notes, including arrangemems for the payment of principal and
<br />interest by wire transfer, al~er determining that the execution thereof will not endanger the funds
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<br />Roth
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