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ORDINANCE NO. 6-99
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<br />1ST READ/FIN 1/19/99.
<br />PLACED ON 2nd READING 2/1/99
<br />By:Corrigan, FitzGerald, George,
<br /> Seelie, Skindell, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $90,000
<br />Recreational Facilities Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of acquiring and installing equipment at
<br />Webb Park and a feasibility study at Lakewood Park.
<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 fifteen (t5) years from the date of
<br />issuance of the original notes; 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 reason that the immediate issuance and sale of the notes herein authorized is
<br />necessary to provide funds for the equipment urgently needed to promote the safety and health of
<br />the citizens of the City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyaboga
<br />County, Ohio:
<br />
<br /> Section I. It is hereby deciared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $90,000 for the purpose of acquiring and installing equipment at
<br />Webb Park and a feasibility smd)' at Lakewood Park.
<br />
<br /> Section 2. Said bonds shall be dated approximately March 1, 2000, shall bear
<br />interest at the estimated rate of five per centare (5%) per annum, pa.vabte semi-annually, until the
<br />principal sum/s paid, and shall mature in such ten (10) annual principal instal~mems after their
<br />issuance tl~ the total principal and intereat payments in any year in which principal is payable is
<br />
<br /> Section 3. It is hereby determined that notes 0aerein~er called the "Notes") in
<br />the principal amount of $90,000 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 centare (6%) per annum, as may be fixed by the Fiscal Officer in her
<br />certificate 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 of ten per centare (10%) per annum until the principal sum
<br />is paid; shall be dated their date of issuance and ~ mature on a date between nine mont~s and
<br />one year from such date, as determined by the Fiscal Officer;, sl~ll 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 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 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 for which the Notes are issued; shall state that they are issued
<br />pursuant to tiffs 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 hereinafter defined) for use in a book-entry system (as hereinafter defined). The
<br />Director of Finance is hereby authorized and directed, to the extem necessary or required, to
<br />enter into any agreements determined necessary in connection with the authentication,
<br />immobilization, and transfer of Notes, including arrangements for the payment of principal and
<br />interest by wire transfer, after determining that the execution thereof will not endanger the funds
<br />
<br />Roth,
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