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PLACED ON 1ST
<br />
<br />ORDINANCE NO. 4-99
<br />
<br /> READING & REFERRED TO FIN 1/19/98.
<br />
<br />PLACED ON !nd REAPNING 2/1/99
<br /> By:Corrigan, FitzGerald, George,
<br /> Seelie, Skindell, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $141,000 1999
<br />Belle Avenue Bond Anticipation Notes - Property Owners' Portion of the City of Lakewood,
<br />Ohio, in anticipation of the issuance of bonds for the purpose of paying the property owners'
<br />portion, in anticipation of the lex.'y and collection of special assessments, of the cost of improving
<br />Belie Avenue from Madison Avenue to Bayes Avenue by reconstruction and replacement of the
<br />base and resurfacing with reintbrced concrete, including the necessary installation and
<br />replacement of curbs, aprons and sidewalks, together with all necessary appurtenances thereto,
<br />and tree lawn restoration.
<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 ten (10) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is December 31, 2004; and
<br />
<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 mason that the immediate issuance and sale of the notes heroin authorized is
<br />necessary to provide funds for the construction of the improvement, ~vhich is urgently needed to
<br />protect the safety and health of the citizens of the City;
<br />
<br /> iqOW, THEREFORE, BE IT ORDAINED by the City. of Lakewood, Cuyahoga
<br />County, Ohio:
<br />
<br /> Section ..I.. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the p~ amount of $141,000 for the purpose of paying the property owners' portion, in
<br />anticipation of thc levy and collection of special assessments, of the cost of improving Belle
<br />Avenue from Madison Avenue to Bayes Avenue by reconstruction and replacement of the base
<br />and resurfacing with reinforced concrete, including the necessary installation and replacement of
<br />curbs, aprons and sidewalks, together with all necessary appurtenances thereto, and tree lawn
<br />restoration.
<br />
<br /> SectionZ Said bonds shall be dated approximately March I, 2000, shall bear
<br />interest at the estimated rate of five per centare (5%) per annum, payable semi-annually, until the
<br />principal sum is paid, and shall marur~ in such ten (10) annual principal installments after their
<br />issuance that the total principal and inter~ payments in any year in which principal is payable is
<br />subsamtially equal.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $141,000 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 maximum
<br />interest rate of six per cenmm (6%) per annum, as may be fixed by the Fiscal Officer in her
<br />ce~ificate awarding the Notes, such interest 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 dared 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;, 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 lxust companies, as determined by the
<br />Fiscal Officer, without deduction for exchange, collection or service charge. "Fiscal Officer" as
<br />used in this ordinance 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 Noms with other notes into a single consolidated issue of notes for purposes of
<br />their sale as a single 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 tbr 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 />r~luested 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 />Roth,
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<br />l I t:\ FENI X'M 4282'~ I.FO304.DOC; I t
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