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ORDINANCE NO. 123-02 By:.
<br />
<br />PLACED ON 1STREADING & REFERRED TO THE
<br />FINANCE CO}~LITTEE 6/17/02.
<br />
<br /> Corrigan, Dunn, FitzGerald, George,
<br /> Both, S~elie, Skindell.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $696,000
<br />I-Iilliard Road Improvement Bond Anticipation Notes - Sewers of the City of Lak~wood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of improving I-Iillianl Road by replacing
<br />sewem, together with any necessary appurtemaces.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 32-01, passed on July 2, 2001, the
<br />Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in
<br />the aggregate principal amount of $870,000 for the purpose herdnafter stated, which notes are
<br />dated August 16, 2001 and will mature on August 16, 2002; and
<br />
<br /> ~, the Council of the City has determined that $174,000 is now
<br />available to apply against the principal of said notes and that after the application of said
<br />$174,000 to the payment thereof the remaining outstanding principal of said notes (to wit,
<br />$696,000) shall be funded by the issuance of new notes in anticipation of the issuance of bonds
<br />for the purpose hereinafter stated; and
<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, th/s Council by a vo~e 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 111, SECTION 10 and 13 of the SW. COND
<br />AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary to provide
<br />funds to retire the outstanding notes which are about to mature and thereby protect the credit of
<br />the City;,
<br />
<br /> NOTM, THEt~FORE, 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 $696,000 for the purpose of improving Hilliard Road by replacing
<br />sewers, together with any necessary appurtenances.
<br />
<br /> Section 2. Said bonds shall be dated approximately August I, 2003, shall bear
<br />interest at the estimated rate of five per eentum (5%) per annum, payable semi-annually, until the
<br />principal sum is paid, and shall mature in such twenty (20) annual principal installments af[.er
<br />thdr issuance that the total principal and interest payments in any year in which principal is
<br />payable is substantially equal.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $696,000 shall be issued in anticipation of the issuance of said bonds for
<br />the above-descr/bed purpose. The Notes shall bear interest at a rote not exceeding the maximum
<br />interest rate ofsix per cantum (6%) per annum, as may be fixed by the Fiscal Officer in his or the
<br />certificate awarding the Notes, such interest to be payable at matur/ty, with provision, if
<br />requested bt{&he purchaser, that, in the event of default, the same shall bear interest at a rate not
<br />exceeding the maximum interest rate of ton per contum (10%) per annum until the principal sum
<br />is paid; shall be dated their date of issuance and shall mature on a date between six months and
<br />twelve months from such date, as determined by the Fiscal Officer; shall not be subject to
<br />redemption by the City it any time prior to maturity; and shall be payable as to both principal
<br />and interest at the office of the Fiscal Officer of the City, or at banks or trust compan/es, as
<br />determined by the Fiscal Officer, without deduction for exchange, collection or service charge.
<br />"Fiscal Officer" as used in this ordinance means the City's Director of Finance, Acting Director
<br />of Finance, or Assistant Director of Finanee.
<br />
<br /> Section 4. Pursuant to Section 133.30(tl), Ohio Revised Code, the Fiscal Officer
<br />may combine the Notes with other notes into a single consolidated issue ofnot~ for purposes of
<br />
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