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<br />ORDINANCE NO
<br />
<br />34-05
<br />
<br />PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 4/18/05. PLACED ON 2ND
<br />READING 5/2/05.
<br />By' Corrigan, Dever, Dunn, FitzGerald,
<br />Madigan, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $1,450,000
<br />Street Improvement Bond Anticipation Notes, Series 2005 of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of improving streets by replacement of the
<br />concrete base and asphalt overly, including replacement of curbs and aprons as required, together
<br />with all necessary appurtenances thereto.
<br />
<br />WHEREAS, the Fiscal Officer has certifjed to this Council that the estimated life
<br />oithe 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 CouncÜ 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 ill, 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, heaUb 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 tbe health and safety of the citizens of the City;
<br />
<br />NOW, TIffiREFORE, BE IT ORDAlNED by tbe City of Lakewood, Cuyahoga
<br />COlInty, Ohio:
<br />
<br />Section 1, It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $1,450,000 for the purpose of improving streets by replacement of the
<br />concrete base and asphalt overlay, replacement of curbs and aprons as required, together with all
<br />necessary appurtenances thereto.
<br />
<br />Section 2, Said bonds shall be dated approximately June I, 2006, shall bear
<br />interest at the estimated rate of five per centum (5%) per annum, payable semi-annually, until the
<br />principal surb 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 />I
<br />
<br />Section 3" It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $1,450,000 shall be issued in anticipation of tbe 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 nine months and
<br />one year from such date, as determined by the Fiscal Officer; shall not be subject to redemption
<br />by the City at any time prior to maturity; and shall be payable as to both principaj and interest at
<br />the~office of the Fiscal Officer of the City, or at banks or trust companies, as determined by the
<br />Fisçal Officer, without deduction for exchange, collection or service charge. "Fiscal Officer" as
<br />used in this ordinance means the City's Director of Finance, Acting Director of Finance, or
<br />Assistant Director of Finance.
<br />
<br />Section 4, Pursuant to Section 13130(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 2005"; 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 denominatiol1s as may be
<br />requested by the original purcbaser; and shalj 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 />IKLF3016.DOC; 1 J
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