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PLACED ON 1ST READING & REFERRED TO
<br />FINANCE COMMITTEE 6/18/01.
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<br />ORDINANCE NO. 33-01 B~.
<br />
<br />Corrigan, FitzGerald, George, Roth,
<br />Skindell, Smith, Seelie
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<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $1,100,000
<br />Hilliard Road Improvement Bond Anticipation Notes - .Watermains of the City of Lakewood,
<br />Ohio, in anticipation of the issuance of bonds for thc purpose of improving Hilliard Road by
<br />replacing watermains, together with any necessary appurtenances.
<br />
<br /> WHEREAS, the Fiscal Officer has certified to this Council that the estimated Hfe
<br />of the Improvements hereinafter mentioned is at least five (5) years and has further certified the
<br />maximum maturity oft.he hereinaRer mentioned bonds is foxty (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
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<br /> WHEREAS, this Council by a vote of at least five (5) members elected thereto
<br />determines that this ordinance is an emergency measure, and that this ordinance shall take effect
<br />at the earliest date possible as set forth in ARTICLE IH, SECTION 10 and 13 of the SECOND
<br />AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for the
<br />mediate preservation of the public property, health and safety, and to provide for the daily
<br />operation of municipal departments in that the immediate issuance and sale of the notes herein
<br />authorized is necessary to provide funds for the construction of the improvements urgently
<br />needed to protect the health and safety 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 mount of $1,100,000 for the purpose of improving Hilliard Road by replacing
<br />watermains, together with any necessary appurtenances.
<br />
<br /> Section 2. Said bonds shall be dated approximately August 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 $1,100,000 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 centare (6%) per annum, as may be fixed by the Fiscal Officer
<br />in his or the certificate awarding the Notes, .such interest to be payable at maturity, with
<br />provision, if requested by the purchaser, that, in the event of default, the same shall bear interest
<br />at a rote not exceeding the maximum interest rate of ten per centare (10%) per annum until the
<br />principal sum is paid; shall be dated their date of issuance and shall mature on a date between six
<br />months and twelve m°nths fi:om such date, as determined by the Fiscal Officer; shall not be
<br />subject to redemption by.the City at any time prior to maturity; and shall be payable~s to both
<br />principal and interest at the office of the Fiscal Officer of the City, or at bfa~., or trust
<br />companies, as determined by the Fiscal Officer, without deduction for exchange, collection or
<br />service charge. "Fiscal Officer" as used in this ordinance means the City's Director of Finance,
<br />Acting Director of Finance, or Assistant 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 "Hilliard Road Improvement Bond Anticipation
<br />Notes, Series 2001"; such notes shall contain a smmnary statement of purposes encompassing
<br />the purpose for which the Notes are issued; shall state that they are issued pursuant to this
<br />ordinance; shall be issued in such numbers and denominations as may be requested by the
<br />original purchaser; and shall be executed by the Mayor and Fiscal Officer, provided that one of
<br />such signatures may be a facsimile signature.
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<br />{KLF1271.DOC;1 }
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