25-03 Issue Clifton Rd & Manor Park Improvement

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PLACED ON IST READING & REFERRED TO THE FINANCE COMMITTEE 3/17/03. PLACED ON 2ND READING 4/7/03. ORDINANCE NO. 25-03 By: Corrigan, Dever, Dunn, FitzGerald, George, Roth, Seelie. AN EMERGENCY ORDINANCE to provide for the issuance of $70,000 W. Clifton Road & Manor Park Avenue Improvement Bond Anticipation Notes, Series 2003 of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of improving certain streets designated by Council by improving West Clifton Road and Manor Park Avenue by resurfacing. WHEREAS, the Fiscal Officer has certified to this Council that the estimated life of the improvements hereinafter mentioned is at least five (5) years and has further certified the maximum matmity of the hereinafter mentioned bonds is fifteen (15) years and that the maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the date of issuance of the original notes; and WHEREAS, this Council by a vote of at least five (5) members elected thereto determines that this ordinance is an emergency measure, and that this ordinance shall take effect at the earliest date possible as set forth in ARTICLE III~ SECTION 10 and 13 of the SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary' for the immediate preservation of the public property, health and safety, and to provide for the daily operation of municipal departments in that the mediate issuance and sale of the notes herein authorized is necessary to provide funds for the construction of the improvements urgently needed to protect the health and safety of the citizens of the City; NOW, THEREFORE, BE IT.ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal mount of $70,000 for the purpose of improving West Clifton. Road and Manor Park Avenue by resurfacing. Section2. Said bonds shall be dated approximately April I, 2004, shall bear interest at the estimated rate of five per centum (5%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in such fifteen (15) annual principal installments after their issuance that the total principal and interest payments in any year in which principal is payable is substantially equal. Section 3. It is hereby determined that notes (hereinafter called the'Ixlote§) 'in the principal amount of $70,000 shall be issued in anticipation of the issuance of said bonds for the above-described purpose. The Notes shall bear interest at a rate not exceeding the maximum interest rate of six per centum (6%) per annum, as may be fixed by the Fiscal Officer in her certificate awarding the Notes, such interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a rate not exceeding the maximum interest rate often per centum (10%) per annum until the principal sum is paid; shall be dated their date of issuance and shall mature on a date between six months and twelve months from such date, as determined by the Fiscal Officer; shall not be subject to redemption by the City at any time prior to maturity; and shall be payable as to both principal and interest at the office of the Fiscal Officer of the City, or at banks or trust companies, as determined by the Fiscal Officer, without deduction for exchange, collection or service charge. 'F'~ml Officef'as used in this ordinance means the City's Director of Finance, Acting Director of Finance, or Assistant Director of Finance. Section 4. Pursuant to Section 133.30(B), Ohio Revised Code, the Fiscal Officer may combine the Notes with other notes into a single consolidated issue of notes for purposes of their sale as a single issue, to be designated '%rations Purpose General Obligation Bond Anticipation Notes, Series 2003'; such notes shall contain a summary statement of purposes encompassing the purpose for which the Notes are issued; shall state that they are issued pursuant to this ordinance; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be executed by the Mayor and Fiscal Officer, provided that one of such signatures may be a facsimile signature. {KLF2045;I}