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PLACED ON 1ST READING & REFERRED TO FINANCE CMTE
<br />2/5/01.. PLACED ON 2ND READING 2/20/01.
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<br />O1RDINAJqCENO. 3-01 By: Corrigan, FitzGerald, Roth, Seelie,
<br /> Skindell, Smith.
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<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $915,000
<br />Municipal Buildings Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of
<br />the issuance of bonds for the purpose of renovating, furnishing and equipping municipal
<br />buildings and improving siteS.
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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 hereinai~er mentioned bonds is twenty(20) 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
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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 for the construction of the improvements, which are urgently needed
<br />to protect the safety and health of the citizens of the City;
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<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 $915,000 for the purpose of renovating, furnishing and equipping
<br />municipal buildings and improving municipal sites.
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<br /> Section 2. Said bonds shall be dated approximately March 1, 2002, 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.
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<br /> Section 3. It is hereby detennined that notes (hereinafter called the "Notes") in
<br />the principal amount of $915,000 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. cenmm (6%) per annum, as may be fixed by the Fiscal Officer in his
<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 nine months and
<br />one year from such date, as determined by the Fiscal Officer; shall not be subject to redemption
<br />by the City at any time prior to maturity; and shall be payable as to both principal and interest at
<br />the office of the -Fiscal Officer of the City, or at banks or. trust companies, as determined by the
<br />Fiscal Officer, without deduction for exchange, collection or service charge. "Fiscal Officer" as
<br />used in this ordinance means the City's Director of Finance.
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<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 /> Anticipation Notes, Series 2001"; 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
<br /> pursuant to this .ordinance; shall be issued in such numbers and denominations as may be
<br /> requested by the original purchaser; and shall be executed by the Mayor and Fiscal Officer,
<br /> provided that one of such signatures may be a facsimile signature.
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<br /> The Notes, pursuant to the terms set forth below, may also be issued to a
<br /> Depository (as hereinaf[er defined) for use in a book-entry system (as hereinafter defined). The
<br /> Director of Finance is hereby authorized and directed, to the extent necessary or required, to
<br /> enter into any agreements determined necessary in connection with the authentication,
<br /> immobilization, and transfer Of Notes, including arrangements for the payment of principal and
<br /> interest by wire transfer, after determining that the execution thereof, will not endanger the funds
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<br />{KLF0964.DOC;1 }
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