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PLACED ON 1ST READING 5 RE~BRRED TO
<br />FINANCE COMMITTEE 1/18/00. pLACED ON
<br />2ND READING 2/?/00.
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<br />ORDINANCE Nd. i 0'- 0 0
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<br />By:Corrigan, FitzGerald,
<br />Seelie, Skindell, Smith.
<br />
<br />George, Roth
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of not to exceed
<br />$575,000 1999 Belle Avenue Bond Anticipation Notes - City's Portion - 2000 Renewal of the
<br />City of Lake'wood, Ohio, in anticipation of the issuance of bonds for the purpose of paying the
<br />City's portion of the cost of improving Belle Avenue from Madison Avenue to Bayes Avenue by
<br />reconstruction and replacement of the base and resurfacing with reinforced concrete, including
<br />the necessary installation and replacement of curbs, apmus and sidewalks, together with all
<br />necessary appurtenances thereto, and lrce 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 twenty (20) years and that the
<br />maximum maturity of notes issued in anticipation of' said bonds is twenty (20) years from the
<br />date of the original notes; and
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<br /> WHEREAS, this ordinance is an =mergency 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 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 Lakewood, Cuyahoga
<br />County, Ohio:
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<br /> Section 1. It is hereby declared necessary to issue bonds of the City.ofLakewood
<br />in the principal amount of not to exceed $575,000 for the purpose of paying the City's portion of
<br />thc cost of improving Belle Avenue f~om Madison Avenue to Bayes Avenue by reconstruction
<br />and replacement of the base and resurfacing with reinforced concrete, including the necessary
<br />installation and replacement of curbs, aprons and sidewalks, together with all necessary
<br />appurtenances thereto, and tree lawn restoration.
<br />
<br /> Section 2. Said bonds shall be dated approximately December 1, 2000, shall bear
<br />interest at the estimated rate of five per centum (5%) per annum, payable semi-annually, until the
<br />princiPal sum is paid, and shall mature in such twenty (20) annual principal installments after
<br />their issuance that the total principal and interest payments in any year in which principal is
<br />payable is substantially equal.
<br />
<br /> Section 3. It is hereby determined that notes (hereins~er called the "Notes'~ in
<br />the principal amount of not to exceed $575,000 shall be issued in anticipation of the issuance of
<br />said bonds for the above-described purpose. The Notes shall be in such principal amount and
<br />shall bear interest at a rate not exceeding the maximum interest rate of six per centum (6%) per
<br />annum, as may be fixed by the Fiscal Officer in her certificate awarding the Notes, such interest
<br />to be payable at maturity, with provision, if requested by the purchaser, that, in the event of
<br />default, the same shall bear interest at a rate not exceeding the maximum interest rate of ten per
<br />centum (10%) per annum until the principal sum is paid; shall be dated their date of issuance and
<br />shall mature on a date between five months and eleven months from such date, as determined by
<br />the Fiscal Officer; shall not-be subject to redemption by the City at any time prior to maturity,
<br />unless requested by the original purchaser;, and shall be payable as to both principal and interest
<br />at 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 exch~ge, collection or service charge. "Fiscal Officer" as
<br />used m tins or0inance means the City's Director of Finance, Acting Director of Finance,. or
<br />Assistant Director of Finance.
<br />
<br /> Section 4.. Pursuimt 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 summ_ary sthtement 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
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<br />{PLD0439.DOC;I }
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