|
PLACED ON 1ST READING AND REFERRED TO FINANCE
<br />CMTE. 2/5/01. PLACED ON 2ND READING 2/20/01.
<br />
<br />ORDINA/XICENO. 12-Ol BT Corrigan, FitzGerald, Roth, Seelie,
<br /> Skindell, Smith.
<br />
<br /> AN EMERGENCY ORDINANCE to provide .for the issuance of $1,500,000
<br />Wastewater Treatment Plant Improvement Bond Anticipation Notes of the City of Lakew0od,
<br />Ohio, in anticipation of the issuance of bonds for the purpose of improving the City's wastewater
<br />treatment Plant.
<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 forty (40) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is twenty (20) years from the date of
<br />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 mediate 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:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $1,500,000 for the purpose of improving the City's wastewater
<br />treatment plant.
<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.
<br />
<br /> Section 3. R is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $1,500,000 shall be issued in anticipation of the issuance of said bonds
<br />for the above-described purpose. The Notes shall bear interest at a rate not exceeding the
<br />maximum :interest rate of six per centum (6%) per annum, as may be fixed by the Fiscal Officer
<br />in his 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.
<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 />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.
<br />
<br /> The Notes, pursuant to the terms set forth below, may also be issued to a
<br />Depository (as hereinafter 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
<br />
<br />{MXL0531.DOC;1 }
<br />
<br />
<br />
|