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<br />PLACED ON 1ST READING & REFERRED TO THE
<br />FIMANCE COMMITTEE 4/18/05. PLACED ON 2ND
<br />ORDINANCE NO ~!lDING 5/2/05.
<br />39-05 Corrigan, Dem~ø., De~ß~,~~URU~~~l~~Gerald.
<br />Madigan, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $635,000
<br />Municipaj Building Improvement Bond Anticipation Notes, Series 2005 of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of renovating
<br />municipal buildings
<br />
<br />, WHEREAS, the Fiscal Officer has certified to this Council that the estimated life
<br />of fue 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 hands is twenty (20) years from the
<br />date of issuance of the original notes; and
<br />
<br />WHEREAS, this Council hy a vote of at least five (5) members ejected thereto
<br />detennines that this ordinançe is an emergency measure, and that this ordinance; shall take effect
<br />at the earliest 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 n,ecessary 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 the notes herein
<br />authorized is necessary to provide funds for the construction of the improvements urgently
<br />neéded to protect the health and safety of the citizens 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 dedared necessary to issue bonds of the City of Lakewood
<br />jn the principal amount of $635,000 for the purpose of renovating municipal buildings
<br />
<br />Section 2 Said bonds shall be dated approxjmately June 1, 2006, shall bear
<br />interest àt 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 plincipal installments after
<br />their issuance that the totàl principal and interest payments in any year in wbich 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 $635,000 shall he issued in anticipation of the issuance of said bonds for
<br />the above-described purpose. The Notes shall bear interest at a rate not exceedirig 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 />exceeding the maximum interest rate of ten per centum (10%) per annum until the principal sum
<br />is p}ud; shall be dated their date of issuance and shall mature on a date betwee~ 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 tru~t companies, as
<br />detennined 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 />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 />Anticipation Notes, Series 2005"; such notes shall contain a summary statem~nt of purposes
<br />encompassing the purpose for which the Notes are issued: shaH state that they are issued
<br />pursÜant to this ordinance; shall be issued in such numbers and denominations as may be
<br />requested by the original purchaser; and shaH 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 />Deposjtory (as herejnafter defined) for use in a book-entry system (as hereinafter defined), The
<br />Fisdal Officer is hereby authorized and directed, to the extent necessary or required, to enter into
<br />
<br />{KLF3007.DOC;1}
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