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PLACED ON 1ST READING ~ REFERRED TO FINANCE CMTB
<br />10/2/00. PLACED ON 2ND READING 10/16/00.
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<br />ORDINANCENO. 54-00 B~'corrigan, FitzGerald, George, Roth
<br /> Seelie, Skindell, Smith.
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $100,000 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 Naragaz~.sett Avenue from Riverside Drive to Niagara Drive and Niagara
<br />Drive from Riverside Drive to Lakewood Heights Boulevard by'reconstrudti6n 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.
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<br /> WHEREAS, pursuant to Ordinance No. 11-00 passed February 22, 2000, the
<br />Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in
<br />the principal amount of $158,600 for the purpose hereinafter stated, which notes are dated March
<br />8, 1999 and will mature December 1, 2000; and
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<br /> WHEKEAS, the Council of the City has determined that $58,600 is now available
<br />to apply against the principal of said notes and that after the application of said $58,600 to the
<br />payment thereof, the remaining outstanding principal of said notes (to wit, $100,000) 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
<br />
<br /> WHEREAS, the Fiscal Officer has certified to this Council that the estimated hfe
<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
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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 $100,000 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
<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 replae.ement of
<br />curbs, aprons and sidewalks, together with all necessary appurtenances thereto, and tree lawn
<br />restoration.
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<br /> Section 2. Said bonds shall be dated approximately June I, 2001, 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.
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<br /> Section 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $100,000 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 centum (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 often 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 six months and
<br />twelve months from such date, as determined by the Fiscal Officer; shall not be subject to
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<br />{KLF0gS0.DOC;1 }
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