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<br />PLACED ON 1ST READING & REFERRED TO-THE
<br />FINANCE CO'lliITTEE 4/5/04.
<br />
<br />ORDINANCE NO.
<br />
<br />37-04
<br />
<br />By:
<br />
<br />Corrígan, Demro, Dever. Dunn. FitzGerald,
<br />Madígan, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $313,000
<br />Traffic Signalization and Streetscape Bond Anticipation Notes, Series 2004 of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of improving streets by
<br />improving traffic signalization, streetscapes and signage.
<br />
<br />WHEREAS, the Fiscal Officer has certified to this Council that the estimated life
<br />of the improvemeuts hereinafter mentioued is at least five (5) years and has further certified the
<br />maximwn maturity of the hereinafter mentioued bouds is at least ten (10) years and that the-
<br />maximum maturity of notes issued in anticipation of said bQnds is fifteen (15) years ttom 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 />detennines that this ordinance is an emergency measure, and that this ordinance shall take effect
<br />at the earliest date possible as set förth 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 i1nmediate 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 citizeus 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 />iu the principal amount of $313,000 for the purpose of improving streets by improving traffic
<br />signalization, streetscapes and signage.
<br />
<br />Section 2. Said bonds shall be dated approximately June I, 2005, shall bear
<br />interest at the estimated rate of five per centum (5%) per annwn, payable semi-annually, until the
<br />principal swn is paid, and shall mature in such ten (10) annual principal installmeuts after 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 "Notes") in
<br />the principal amount of $313,000 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 annwn, as may be fixed by the Fiscal Officer iu his
<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 maXimwn interest rate of teu per centum (10%) per annwn until the principal swn
<br />is paid; shall be dated their date of issuance and. shall mature on a date between six months and.
<br />twelve months ITom such date, as detennined by the Fiscal Officer; shall not be subject to
<br />redemption by the City at any time prior to maturity; and shall he 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 />"Fiscal Officer" as used in this ordinance mean~ the City's Director of Finance, Acting Director
<br />of Finance, or Assistant Director ~fFinance.
<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 öf
<br />their sale as a single issue, to be designated "Various Purpose General Obligation Bond
<br />Anticipation Notes, Series 2004"; 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 tò this ordinance; shall be issued in such numbers and denominations as may be
<br />requested by the original purchaser; and shall he 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
<br />
<br />{KLF256LDOC;I}
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