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PLACED ON 1ST READING ~ REFERRED TO FINANCE CMTE
<br />10/2/00. PLACED ON 2ND READING 10/16/00.
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<br />ORDINANCENO. 55-00 By: Corrigan, FitzGerald, George, Roth
<br /> Seelie, Skindell, Smith.
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<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $400,000 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 froin Riverside Drive to Lakewood. Heights Boulevard by reconstruction and
<br />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.
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<br /> WHEREAS, pursuant to Ordinance No. 12-00 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 $634,400 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 /> WHEREAS, the Council of the City has determined that $234,400 is now
<br />available to apply against the pmaeipal of said notes and that after the application of said
<br />$234,400 to the payment thereof, the remaining outstanding principal of said notes (to wit,
<br />$400,000) shall be retired with the' prtceeds of new notes to be issued in anticipation of the
<br />issuance of bonds for the purpose hereinafter stated; and
<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 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 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 $400,000 for the purpose of paying the City's portion of the cost of
<br />improving Naragansett Avenue from Riverside Drive to Niagara Drive and Niagara Drive from
<br />Riverside Drive to Lakewood Heights Boulevard by reconstruction and replacement of the base
<br />and 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 June 1, 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 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 detemained that notes (hereinafter called the "Notes") in
<br />the principal amount of not to exceed $400,000 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 his or the certificate awarding the Notes, such
<br />interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event
<br />of default, the same shall bear interest at a rate not exceeding the maximum interest rate of ten
<br />per centum (10%) per ammm until the principal sum is paid; shall be dated their date of issuance
<br />and shall mature on a date between six months and twelve months from such date, as determined
<br />by the Fiscal Officer; shall not be subject to redemption by the City at any time prior to maturity,
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<br />{KLF0881.DOC;1 }
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