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<br />PLACED ON 1ST READING & REFERRED TO THE FINANCE
<br />COMMITTEE 4/5/04.
<br />
<br />ORDINANCE NO. 39-04
<br />
<br />By: Corrigan. Demro, Dever. Dunn, FitzGerald,
<br />Madigan, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $1,468,300
<br />Municipal Building hnprovement Bond Anticipation Notes, Series 2004 of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of renovating,
<br />improving, furnishing and equipping municipal buildings.
<br />
<br />WHEREAS, the Fiscal Officer has certified to this Council that the estimated life
<br />of the improvements hereinafter mentioned is at least five (5) years and has further certified the
<br />maximum maturity of the hereinafter mentioned bonds is twenty (20) years and that the
<br />maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the
<br />date of issuance of the original notes; and
<br />
<br />WHEREAS, this Council by a vote of at least five. (5) members elected thereto
<br />determines that this ordinance is an emergency measure, and that this ordinance shall take effect
<br />at the eadiest date possible as set forth in ARTICLE III, SECTION 10 and 13 of the SECOND
<br />AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for the
<br />immediate preservation of the public property, health and safety, and to provide for the daily
<br />operation of mullicipal departments in that the immediate issuance and sale of the notes herein
<br />authorized is necessary to provide funds for the construction of the improvements urgently
<br />needed to protect the health and safety of the citizens ofthe City;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio:
<br />
<br />Section 1, It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal arnouut of$I,468,300 for the purpose of renovating, improving, furnishing and
<br />equipping municipal buildings.
<br />
<br />Section 2. Said bonds shall be dated approximately June 1, 2005, 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 detennined that notes (hereinafter called the "Notes") in
<br />the principal amount of $1,468,300 shall be issued in anticipation of the issuance of said bonds
<br />for the above-described purpose. The Notes shall bear interest at a rate not exceeding the
<br />maximum interest rate of six per centum (6%) per annum, as may be fixed by the Fiscal Officer
<br />in his 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 of ten 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 detennined 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 />deteimined 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 />Sectiou 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 asa 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 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 tenns set forth below, may also be, issued to a
<br />Depository (as hereinafter defmed) for use in a book-entry system (as hereinafter defined). The
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<br />{KLF2563.DOC;I}
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