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PLACED ON 1sT READING & REFERRRED
<br /> TO THE FINANCE COIVIMITTEE 3/18102
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<br />ORDINANCE NO. 90-02 By:
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<br />Corrigan, Durra, FitzGerald; George
<br /> Roth, Seelie, Skindell
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<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $175,000 W.
<br />Clifton Boulevard Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of improving W. Clifton Boulevard and St.
<br />Charles Avenue by widening and providing additional on-street parking with concrete curbs.
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<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
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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 HI, 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 depamnents in that the mediate issuance and sale of the notes herein
<br />authorized is necessary to provide funds for the conslruction of the improvements urgently
<br />needed to Protect the health and safety of the citizens of the City;
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<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 amount of $175,000 for the purpose of improving W. Clifton Boulevard and St.
<br />Charles Avenue by widening and providing additional on-street parking with concrete curbs.
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<br /> SectiOn 2. 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 pa.i,d, 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 $175,000 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 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 eentum (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 f~om 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.
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<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 />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.
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<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,
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<br />{KLF1573.DOC;I }
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