|
PLEASE SUBSTITUTE FOR ORDINANCE NO. 12-00
<br />PLACED ON 1ST READING ~ REFERRED TO FINANCE
<br />COMMITTEE 1/18/00, PLACED ON 2ND READING 2/7/(
<br />
<br />ORDINANCE NO. 12 - 0 0
<br />
<br />By:Corrigan, FitzGerald, George, Roth,
<br /> Seelie, Skindell, Smith.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $634,400 2000
<br />Naragansett and Niagara Avenue Bond Anticipation Notes - City's Portion of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of paying the City's
<br />portion of the cost of improving Naragansett Avenue from Riverside Drive to Niagara Drive and
<br />Niagara Drive from Riverside Drive to Lakewood Heights Boulevard by reconstruction and
<br />replacement of the base and resurfaeing 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 /> WHEREAS, the Fiscal Officer lms 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 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 not to exceed $634,400 for the purpose of paying the City's portion 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 reconstruction 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 /> 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 (hereinafter called the "Notes") in
<br />the principal mount of not to exceed $634,400 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 />centare (10%) per annum until the principal sum is paid; shall be dated their date of issuance and
<br />shall mature on a date between three months and one year from such date, as determined by the
<br />Fiscal Officer; shall not be subject to redemption by the City at any time prior to maturity, unless
<br />requested by the original purchaser; and shall be payable as to both principal and interest at the
<br />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, Acting Director of Finance, or
<br />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 />pursuant to this ordinance; shall be issued in such numbers and denominations as may be
<br />
<br />
<br />
|