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PLACED ON iST READING ~ REFERRED TO FINANCE CMTB
<br />10/2/00. PLACED ON 2ND READING 10/16/00.
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<br />ORDINANCBNO. 52-00 By:Corrigan, FitzGerald, George, Roth
<br /> Seelie, Skindell, Smith.
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<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $40,000
<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 improving the City's recreational
<br />facilities.
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<br /> WHEREAS, pursuant to Ordinance No. 6-99 passed February 16, 1999, the
<br />Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in
<br />the principal amount of $90,000 for the purpose hereinafter stated, which notes were dated
<br />March 10, 1999 and matured on March 10, 2000, which notes were retired with proceeds from
<br />notes in the principal amount of $90,000, which notes are dated March 8, 1999 and will mature
<br />· December 1, 2000; and
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<br /> WHEREAS, the Council of the City has determined that $50,000 is now available
<br />to apply against the principal of said notes and that after the application of said $50,000 to the
<br />payment thereof, thb remaining outstanding principal of said notes (to wit, $40,000) shall be
<br />retired with the proceeds of new notes to be issued in anticipation of the issuance of bonds for
<br />the purpose hereinafter stated; and
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<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 (15) years from the date of
<br />issuance of the original notes; 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, 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 to enable the City to retire the outstanding notes at maturity and
<br />thereby preserve the City's credit;
<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 of Lakewood
<br />in the principal amount of $40,000 for the purpose of improving the City's recreational facilities.
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<br /> Section 2. Said bonds shall be dated approximately June 1, 2001, shall bear
<br />interest at the estimated rate of five per cenmm (5%) per annum, payable semi-annually, until the
<br />principal sum is paid, and shall mature in such ten (10) annual principal instaliments after their
<br />issuance that the total principal and interest payments in any year in which principal is p.ayable is
<br />substantially equal.
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<br /> Section 3. It is hereby determined that notes (hereinafter called the '~Notes") in
<br />the principal amount of $40,000 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 eenmm (6%) per annum, as may be fixed by the Fiscal Officer in his or the
<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 (t0%) per annum until the principal sum
<br />is paid; shall be dated their date of issuance and shall mature on a date between six months and
<br />twelve 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.
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<br />{KLF0877;2} *
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