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PLEASE SUBSTITUTE PLACED ON 1ST READING ~ referred to
<br />FOR ORDINANCE ll-00FINANCE COB94ITTEE 1/18/00 PLACED ON
<br /> ~ND READING 2/7/00. '
<br />
<br />ORDINANCE NO. 11 - 0 0
<br />
<br />BY:Corrigan, FitzGerald, George, Roth,
<br />Seelie, Skindell, Smith.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $158,600 2000
<br />Naragansett Avenue and Niagara Drive Bond Anticipation Notes - Property Owners' Portion of
<br />the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of paying
<br />the property owners' portion, in anticipation of the levy and collection of special assessments, of
<br />the cost of improving Naragansett Avenue from Riverside Drive to Niagara Drive and Niagara
<br />Drive from Riverside Drive to Lakewood Heights Boulevard by reconstntction and replacement
<br />of the 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 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 five (5) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is December 31, 2005; 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 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:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $158,600 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
<br />Naragansett Avenue from Riverside Drive to Niagara Drive and Niagara Drive from Riverside
<br />Drive to Lakewood Heights Boulevard by reconstruction and replacement of the base and
<br />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 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 five (5) 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. It is hereby determined that notes (hereinafter called the ~'Notes") in
<br />the principal mount of $158,600 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 centum (10%) 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 />11 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 of the City, or at banks or trust companies, as
<br />determined by the Fiscal Officer, without deduction, for exchange, collection or service charge.
<br />"Fiscal Officer" as used in this ordinance means the City's Director of Finance, Acting Director
<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 statement of purposes
<br />encompassing the purpose for which the Notes are issued; shall state that they are issued
<br />
<br />{YMI0043;2)
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