|
<br />PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 4/18/05. PLACED ON 2ND
<br />READING 5/2/05.
<br />
<br />ORDINANCE NO,
<br />
<br />37-05
<br />
<br />By: Corrigarr, Dever, Dunn, FitzGerald,
<br />Madigan, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the i&&uancè of $1,410,000
<br />Motorized Equipment Bond Anticipation Notes, Series 2005 of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of acquiring motorized equipment and
<br />appurtenances thereto.
<br />
<br />WHEREAS, the Fiscal Officer has certified to this Council that the estimated life
<br />of the equipment hereinafter mentioned is at least five (5) years and has further certified the
<br />maximum maturity of the hereinafter mentioned bonds is five (5) years and that the maximum
<br />matUrity of notes issued in anticipation of said bonds is ten (10) years from the date of issuance
<br />of the original notes; and
<br />
<br />WHEREAS, thi& Council by a vote of at lea&t five (5) members elected thereto
<br />determines that this ordinance is an emergency measure, and that this ordinance shall take effect
<br />at the earHest date possjbie 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 ~he notes herein
<br />authorized is necessary to provide funds for the equipment urgently needed to protect the health
<br />and safety of the citizens of the City;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County,Ohjo,'
<br />
<br />Section L It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $1,410,000 for the purpose of acquiring motorized equipment and
<br />appU)i:enances 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 sum is paid, and shall mature in such five (5) annual principal installments 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 $1,410,000 shall be issued in anticipation of the issuanc;e 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 />exce'eding 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 trom such date, as detennined by the Fiscal Officer; shaU not be subject to
<br />redemption by the City at any time prior to maturity; and shan be payabie 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, col1ection 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 Fiscaj 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 />Antiçipation 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 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 />DepQsitory (as hereinafter defined) for use in a book-entry system (as hereinafter defined), The
<br />
<br />{KLF3006.DOC;1}
<br />
|