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PLACED ON. 1ST READING& REFERRED TO THE
<br /> FINANCE COMMITTEE 3/17/03. PLACED ON
<br /> 2ND READING 4/7/03.
<br />
<br />ORDINANCENO. 27-0.3 By: Corrigan, Dever, Dunn, FitzDerald,
<br /> George, Roth, Seelie.
<br />
<br /> AN E~ERGENCY ORDINANCE to provide fo~ thc
<br />Clifton Boulevard Improvement Bond Anticipation Notes, Series 2003 of the City of Lakewood,
<br />Ob Jo, in anticipation of the issuance of bonds for thc purpose of improving West CHfon
<br />Boulevard from Clifton Boulevard to Riverside Drive by resurfacing.
<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 fifteen(15) years and that the
<br />maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the
<br />date of issuance of the original notes; 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 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 />
<br /> Section 1.' It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal mount of $80,000 for the purpose of improving West CliRon Boulevard from
<br />Clifton Boulevard to Riverside Drive by resurfacing.
<br />
<br /> Section 2. Said bonds shall be dated approximately April 1, 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 fifteen (15) 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 $80,000 shah 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 shah 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 from such date, as determined by the Fiscal Officer; shah not be subject to
<br />redemption by the City at any time prior to maturity; and shall be payable as to both principa!
<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 />"Fiscal Officer" as used in this ordinance means the City's Director of Finance, Acting Director
<br />of Finance, or Assistant 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 2003"; such notes shah 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; shah 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 />{KLF2047;1}
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