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ORDINANCE NO. ~5-o~
<br />
<br />PLACED ON 1ST READING & REFERRED TOTHE
<br />FcNA~CE CO~¢TCEE
<br />PLACED ON 2ND REM)lNG 4/7/03.
<br />
<br /> By: Corrigan, Dever, Du~n, FitzGerald,
<br /> George, Roth, Seelie.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $80,000'
<br />Sidewalk Improvement Bond Anticipation Notes, Series 2003 of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of improving certain streets designated by
<br />Council by reconstructing sidewalks and drive aprons as necessary.
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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 twenty (20) years ~om the
<br /> date of issuance, of the original notes; and
<br />
<br /> WHEREAS, tiffs 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 III, 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 />
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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 $80,000 for the purpose of improving certain streets designated by
<br />Council by reconstructing sidewalks and drive aprons as necessary.
<br />
<br /> Section2. Said bonds shall be dated approximately April I, 2004, 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'Noteg) in the
<br /> principal amount of $80~000 shall be issued in anticipation of the issuance of said bonds for the
<br /> above-desoribed 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 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 six months and
<br /> twelve months fi.om such date, as determined by the Fiscal Officer; shall not be subject to
<br /> redemption by the City at 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 companies, as
<br /> determined by the Fiscal Officer, without deduction for exchange, collection or service charge.
<br /> 'F~scal Officei'as used in this ordinance means the City's Director of Finance, Acting Director of
<br /> Finance, or Assistant Director of Finance.
<br />
<br /> Section 4. Purshant 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 200~'; 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.
<br />
<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
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<br />{ICLF2032;1 }
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