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PLACED ON 1ST READING & REFERRED TO FINANCE
<br />CMTE. 2/5/01. PLACED ON 2ND READING 2/20/01.
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<br />ORDINANCE NO. '9-01 By: Corrigan, FitzGerald, Roth, Seelie,
<br /> Skindell, Smith.
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<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $46,000 Gold
<br />Coast Lane Improvement Bond Anticipation Notes - Property Owners' Portion of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of paying the property
<br />owners' portion, in anticipation of the levy and collection of special assessments, of the cost of
<br />improving Gold Coast Lane fi:om Lake Avenue northerly approximately 250 feet by
<br />reconstruction and replacement of the base and resurfacing with reinforced concrete, including
<br />the necessary installation and replacement of curbs, aprons and sidewalks, together with all
<br />necessary appurtenances thereto.
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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 hereinafter mentioned bonds is ten (10) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is December 31, 2006; 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 $46,000 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 Gold
<br />Coast Lane from Lake Avenue northerly approximately 250 feet 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.
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<br /> Section 2. Said bonds shall be dined approximately March 1, 2002, shall bear
<br />interest at the esl/mated rate of five per centum (5%) per annum, payable semi-annually, until the
<br />principal sum is paid, and shall mature in such ten (10) 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 $46,000 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 eentum (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 fi:om 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 />{KLF0996;I }
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