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PLACED ON lsT READING & REFERRRED
<br /> TO THE FINANCE COMMITTEE 3/18/02
<br />
<br />ORDINANCE NO. 87-02 By:
<br />
<br />Corrigan, Duma, FitzGerald, George
<br /> Roth, Seelie, Skindell
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $224,000 West
<br />Forest Drive Improvement Bond Anticipation Notes - City's Portion of the City of Lakewood,
<br />Ohio, in anticipation of the issuance of bonds for the purpose of paying the City's portion of the
<br />cost of improving West Forest Drive from Lake Road southerly to a cul-de-sac by reconstruction
<br />and 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 />apput~t, chances thereto.
<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 twenty(20) years and that the
<br />maximum maturity of notes issued in anticipation of said bonds is December 31, 2007; and
<br />
<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 1II, SECTION l0 and 13 of the SECOND
<br />AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for the
<br />immediate 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 ORDAI/qED by the City of Lakewo0d, 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 $224,000 for the purpose of paying the City's portion of the cost of
<br />improwng West Forest Drive from Lake' Road southerly to a cul-de-sac by reconstruction and
<br />replacement of the base and resurfacing with reinforced concrete, including the necessary
<br />installation and rel~lacement of curbs, aprons and sidewalks, together with all necessary
<br />appurtenances thereto.
<br />
<br /> Section2.. Said bonds shall be dated approximately May 1, 2003, 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. It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $224,000 shall be issued in anticipation of the issuance of said bonds for
<br />the above-described purpose. The Notes shah 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 her
<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 nme 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, collectibn 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 Re'vised 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 2002"; 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
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<br />{KLF1568.DOC;I } % ~
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