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<br />PLACED ON 1ST READING & REFERRED TO THE FINANCE
<br />COMMITTEE 4/18/05. PLACED ON 2ND READING 5/2/05.
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<br />ORDINANCE NO
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<br />33-05
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<br />By' Corrigan~ Dever, Dunn, FitzGerald,
<br />Madigan, Seelie.
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<br />AN EMERGENCY ORDINANCE to provide for the issuance of $100,000
<br />Sidewalk Improvement Bond Anticipation Notes, Series 2005 of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of reconstructing sidewalks and drive
<br />aprons as necessary
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<br />WHEREAS, the Fiscal Officer has certified to this Council tbat'the estimated life
<br />of ('the improvements hereinafter mentioned is at least five (5) years and has further certified the
<br />m~xirnum maturity of the hereinafter mentioned bonds is twenty (20) years and that the
<br />milximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the
<br />date of issuance of the original notes; and
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<br />WHEREAS, this Council hy a vote of at jeast five (5) memherselected thereto
<br />deteimines 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, SECTfON 10 and I}. of the SECOND
<br />AMENDED CHARTER OF TIlE CITY OF LAKEWOOD, and that it is necessary for the
<br />immediate preservation of the puhUc 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; ,
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<br />NOW, THEREFORE, BE IT ORDAINED hy the City of Lakewood, Cuyahoga
<br />C6unty, Ohio:
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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 $100,000 for the purpose of reconstructing sidewalks and drive aprons
<br />as necessary,
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<br />Section 2. Said honds shall he dated approximately June I, 2006, shan hear
<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 />theh- issuance that the total principal and interest payments in any year in which principal is
<br />payah1e is suhstantially equal
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<br />Section 3. It is hereby detenuined that hates (hereinafter called the "Notes") in
<br />the, principal amount of $100,000 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 annum, as may be fixed by the Fiscal Officer in 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 />exçeeding 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 />tw¢lve months from 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 tru!st 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 Dirèctor of Finance
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<br />Section 4. Pursuant to Section 133.30(8), Ohio Revised Code, tpe 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 />Anµcipation Notes, Series 2005"; such notes shall contain a summary statement of pwposes
<br />encþmpassing 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.
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<br />The Notes, pursuant to the tenus 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 />{KLFJ005.DOC;I}
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