|
PLACED ON 1sT READING & REFERRRED
<br /> TO THE FINANCE COMMITTEE 3/15/02
<br />
<br />ORDINANCE NO. 88-02 BT.
<br />
<br />Corrigan, Duma, FitzGerald, George
<br /> Roth, Seelie, Skindell
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $80,000
<br />Overbrook Avenue Improvement Bond Anticipation Notes - Property Owners' Portion of the
<br />City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of paying the
<br />property owners' portion, in anticipation of the levy and collection of special assessments, of the
<br />cost of improving Overbrook'Avenue from Riverway to Indianola Avenue by reconstruction and
<br />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 />appurtenances 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 ten (10) years and that the maximum
<br />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 10 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 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 $80,000 for the purpose of paying the property owners' portion, in
<br />anticipation of the, levy and collection of special assessments, of-the cost of improving
<br />Overbrook Avenue' from Riverway to Indianola by reconstruction and replacement of the base
<br />and resurfacing with reinforced cdncrete, including the necessary installation and replacement of
<br />curbs, aprons and sidewalks, together with all necessary appurtenances thereto.
<br />
<br /> Section 2. Said bonds shall be dated approximately May 1, 2003, shall bear
<br />interest at the es6mated rate of five per centare (5%) per annum, payable semi-annually, until the
<br />principal sum is paid, and shall mature in such ten (10) annual principal installments at%er their
<br />issuance that the total principal and interest payments in any year ,in which principal is payable is
<br />substantially equal.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter called the '~lotes") in
<br />the principal amount of $80,000 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 fLxed by the Fiscal Officer in her
<br />certificate awarding the Notes, such interest to be payable at maturity, ¢adth 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 centare (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 gayable 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 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
<br />
<br />{KLF1569,DOC;I } ut ;~
<br />
<br />
<br />
|