03-99 Tree Planting Bonds - $50,000

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PLACED ON 1ST READING & REFERRED TO Fin. 1/19/99. PLACED ON 2nd READ"ING 2/1/99 ORDINANCE NO. 3-99 By: Corrigan, FitzGerald, George, Seelie, Skindell, Smith AN EMERGENCY ORDINANCE to provide tbr the issuance of $50.000 I999 Tree Planting Bond Anticipation Notes of the City of Lakewood. Ohio, in anticipation of the issuance of bonds tbr the purpose of improving streets and municipal properties by clearing, trimming and planting trees. WHEREAS. the Fiscal Officer has certified to this Council that the estimated life of the improvements hereinafter mentioned is at least five (5) years and has further certified the maximum maturity of the hereinafter mentioned bonds is ten (10) years and that the maximum maturity of notes issued in anticipation of said bonds is fifteen (15) years from the date of issuance of the ofiginai notes: and WHEREAS. u'ais ordinance is an emergency measure which is necessary for the mediate preservation of the public peace, property, health, safety and welfare in the City and for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to provide funds for the improvements, which are urgently needed to protect the safety and health of the citizens of the City.; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewnod, Cuyahoga Coumy, Ohio: Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $50,000 for the purpose of improving streets and municipal properties by clearing, trimming and planting trees. Section 2. Said bonds shall be dated approximately March I, 2000, shall bear interest at the estimated rate of five per centare (5%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in such ten (I0) annual principal installments after their issuunee 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 $50.000 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 six per centare (6%) per annuxm 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 default, the same shall bear interest at a rate not e.xce~ing the maximum interest rate often per cenmm (10%) per annum until the principal sum is paid; shall be dated their dam of issuance and shall mature on a date between nine months and one year from such date, as determined by the Fiscal Officer, shall not be subjec~ 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. Section 4. Pursuant to Section 133.30(B), Ohio Revised Code, the Fiscal Officer may combine the Notes with other notes into a single consolidated issue of notes for purposes of their sale as a single issue, to be designated "Various Purpose General Obligation Bond Anticipation Notes, Series 1999"; such notes shall contain ~a summary statement of purposes encompassing the purpose for which the Notes 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 pumhaser, and shall be executed by the Mayor and Fiscal Off~cer, provided that one of such signatures may be a facsimile signature. The Notes. pursuant to the terms set forth below, may also be issued to a Depository (as hereinafter defined) for use in a book-entry system (as hereinafter defined). The Director of Finance is hereby authorized and directed, to the extent necessary or required, to enter into any agreements determined necessary, in connection with the authentication. immobilization, and transfer of Notes. including arrangements for the payment of principal and interest by wire transfer, after determining that the execution thereof will not endanger the funds Roth It L'.I:ENIXM 4232~,KLF0305D¢ )C: 11