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<br />ORDINANCE NO,
<br />
<br />40-05
<br />
<br />PLACED ON 1ST READING & REFERRED TO THE
<br />EINANCE COMMITTEE 4/18/05. PLACED ON 2ND
<br />READING 5/2/05.
<br />By'
<br />Corrigan, Dern:t:'0, De'MeJ;". }i'J.¡hm1JiS-TEit?Gerald,
<br />Madigan, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $330,000 Park
<br />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 park faciliti~s and sites.
<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 />maxjmum maturity of the hereinafter mentioned bonds is at least (10) years and that the
<br />maximum maturity of notes issued in anticipation of said bonds is fifteen (15) years from the
<br />date of issuance of the original notes; and
<br />
<br />WHEREAS, this CoUÍlcÜ 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 />J atJhe 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 necessary for the
<br />immediate preservation of the public property, heaHh and safety, and to provide for the dajjy
<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;
<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 amount of $330,000 for the purpose of improving park facilities and sites
<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 ten (10) annual principal installments after their
<br />issuance that the total principal and interest payments in any year in which prinqipal is payable is
<br />substantially equal.
<br />
<br />Section 3. It is hereby detennined that notes (hereinafter called the "Notes") in
<br />the principal amount of $330,000 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 />exceeding the maximum interest rate of ten per centum (10%) per annum until the·prihcipal 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; shaH 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 çompanies, 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 lfinance, or Assistant Director of Finance.
<br />
<br />'1
<br />
<br />, Section 4 Pursuant to Section 133 30(B), Ohio Revised Code, Ihe Fiscal Officer
<br />may combine the Notes with other notes into a single consolidated issue of notes fòr purposes of
<br />their sale as a single issue, to be designated "Various Purpose General <Dbligation 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 iIi such numbers and denominations as may be
<br />requested by the original purchaser; and shall be executed hy 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 bÿ issued to a
<br />Depository (as hereinafter defined) for use in a book·entry system (as hereinafter defined) The
<br />Fiscal Officer is hereby authorized and directed, to the extent necessary or required, to enter into
<br />any agreements determined necessary in connection with the authentication, immobilization, and
<br />
<br />/KLF30IIDOC;1}
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