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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 />ORDINANCE NO. S 8 - 0 0
<br />
<br />By: Corrigan, FitzGerald, George,
<br />Roth, Seelie, Skindell, Smith.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $128,000 2000
<br />Police Communication Equipment Bond Anticipation Notes of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of acquiring communication equipment for
<br />the police and fire departments of the City.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 16-00 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 $650,000 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 the outstanding principal
<br />· of said notes shall be funded by the issuance of new notes in the principal amount of $128,000 in
<br /> anticipation of the 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 fifteen (15) years and that the
<br /> maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the
<br /> date of issuance 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, 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 $128,000 for the purpose of acquiring communication equipment for
<br /> the police and fire departments of the City.
<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 fifteen (15) annual principal installments after
<br /> their issuance that the total principal and/nterest 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 amount of $128,000 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
<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.
<br />
<br /> Section 4. Pursuant to Section 133.3003), 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 2000B"; 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
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<br />[KLF01185.DOC;1 }
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