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PLACBD ON 1ST RBADING ~
<br />RBFERRBD TO FINANCB COMMITTEE
<br />1/18/00.p~ACED ON ~ND RBAD 2/7/0
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<br />ORDINANCE NO. .4 - 0 0
<br />
<br />By: Corrigan, FitzGerald, George,
<br /> Roth, Seelie, Skindell, Smith.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $141,000 1999
<br />Belle Avenue Bond Anticipation Notes - ProperW 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 levy and collection of special asSessments, of the cost of improving
<br />Belle Avenue from Madison Avenue to Bayes Avenue by reconstruction and replacement of the
<br />base and resurfacing with reinforced 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 lite
<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
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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, hcalth, safcty 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 construction of the improvement, which is urgently needed to
<br />protect the safety and health of the citizens of the City;'
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewoock Cuyahoga
<br />County, Ohio:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of the City.ofLakewood
<br />in the principal amount of $141,000 for the purpose of paying the property owners' portion, in
<br />anticipation of the 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 /> Section 2. Said bonds shall be dated approximately December I, 2000, shall bear
<br />interest at the estimated rate of five per eenturn (5%) per annum, payable semi-annually, until the
<br />principal sum is paid, and shall mature in such ten (10) annual principal installments after their
<br />issuance that the total principal and interest payments in any year in which principal is payable is
<br />substantially equal.
<br />
<br /> Section 3. k 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 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 eentum 00%) per annum until the principal sum
<br />is paid; shall be dated their date of issuance and shall mature on a date between five months and
<br />eleven months from such date, as determined by the Fiscal Officer; shall not be subject to
<br />redemption by the City at any time prior to maturity; and .shall be payable as to both principal
<br />and interest at the office of the Fiscal Officer o-f the City, or at banks or trust companies, as
<br />determined hv the Fiscal Officer. without deduction for exchan~m ealleetinn nr eorv~eo char*,.
<br />"Fiscal Officer" as used in this ordinance means the City's Dke~t0r of Finance, Acting Direc[or
<br />of Finance, or Assistant 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 2000A"; such notes shall contain a summary s~atement of purposes
<br />encompassing the purpose for which the Notes are issued; shall state that they are issued
<br />pui'suant to this ordinance; shall be issued in such numbers and denominations as may be
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<br />1 PLD0~33.DOC;I } ~ O
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