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PLACED ON 1ST READING ~ REFERRED TO FINANCE CMTE
<br />10/2/00. PLACED ON 2ND READING 10/16/00.
<br />
<br />ORDINANCENO. 56-00 By~ Corrigan, FitzGerald, George, Rot
<br /> Seelie, Skindell, Smith.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $682,000 2000
<br />Motorized Equipment Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of
<br />the issuance of bonds for the purpose of acquiring motorized equipment for various departments
<br />of the City.
<br />
<br /> WKEREAS, pursuant to Ordinance No. 13-00 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 $694,$00 for the purpose hereinafler stated, which notes are dated March
<br />8, 1999 and will mature December 1, 2000; and
<br />
<br /> WHEREAS, the Council of the City has determined that $12,500 is now available
<br />to apply against the principal of said notes and that after the application of said $12,500 to the
<br />payment thereof~ the remaining outstanding principal of said notes (to wit, $682,000) 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 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 ten (10) years from the date of issuance
<br />of the original notes; 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, Cuy'ahoga
<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 $694,500 for the propose of acquiring motorized equipment for
<br />various departments of the City.
<br />
<br /> Section 2. Said bonds shall be dated approximately 3uno 1, 2001, shall bear
<br />interest at the estimated rate of five per centare (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 />substantiaily equal.
<br />
<br /> Section 3. It is hereby determined that notes (hereinat~er called the '~Notes") in
<br />the principal amount of $694,500 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 eentum (6%) per annum, as maybe 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 eentum (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 fi:om such date, as determined by the Fiscal Officer; shall not be subject to
<br />redemption by the City at any time prior ~o 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 />
<br />{KLF0882.DOC; 1 }
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