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PLACED ON iST READING & REFERRED TO FINANC~
<br />CMTE. 2/5/01. PLACED ON 2ND READING 2/20/01
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<br />OtLDINANCBNO. 10-Ol By: Corrigan, FitzGerald, Roth, Seelie,
<br /> Skindell, Smith.
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<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $216,000 Forest
<br />Road Improvement Bond Anticipation Notes - City's Portion of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of paying the City's portion of the cost of
<br />improving Forest Road from Lake Road approximately 710 feet to the south cul-de-sac at Clifton
<br />Boulevard by reconstruction and replacement of the base and resurfacing with an asphalt overlay
<br />on a concrete base, including the necessary installation and replacement of curbs, aprons and
<br />sidewalks, together with all 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 twenty (20) years and that the
<br />maximum 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;
<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 $216,000 for the purpose of paying the City's portion of the cost of
<br />improving Forest Road from Lake Road approximately 710 feet to the.south cul-de-sac at Clifton
<br />Boulevard by reconstruction and replacement of the base and resurfacing with an asphalt overlay
<br />on a concrete base, including the necessary installation and replacement of curbs, aprons and
<br />sidewalks, together with all necessary appurtenances thereto.
<br />
<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 determined that notes (hereinafter called the '*Notes") in
<br />the principal amount of $216,000 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
<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 ~ssued; 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 />{KLF0999;1}
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