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<br />PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 4/18/05.
<br />
<br />ORDINANCE NO 42-05
<br />
<br />By: Corrigan, Demro, Dever, Dunn, FitzGerald,
<br />Madigan,Seelie.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $127,000 Pooj
<br />Improvement Bond Auticipation Notes, Series 2005 of the City of Lakewood, Ohio, ju
<br />anticipation of the issuance of bonds for the purpose of improving Foster Pool and Madison
<br />Pool
<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 />niaximum maturity of the hereinafter mentioned bonds is thirty (30) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is twenty (20) years from the date of
<br />issuance of the original notes; and
<br />
<br />WHEREAS, this Council by a vote of at ieast five (5) members eiected thereto
<br />detetrnines 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 óf the SECOND
<br />AMENDED CHARTER OF THE ClTY OF LAKEWOOD, and that it is necessary for the
<br />immediate preservation of the public property, health and safety, and to provide for the dllijy
<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 />COl~Ì1ty, Ohio~
<br />
<br />Section 1, It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $127,OOO·for the purpose of improving Foster Pool and Madison Pool
<br />
<br />Section 2 Said bonds shaH be dated approximately June I, 2006, shall 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 />their issuance that the total principal and interest payments in any year in which principal is
<br />payabje is substantially equal
<br />
<br />Section 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $127,000 shall be issued in anticipation of the issuance of sllid bonds for
<br />the above-described purpose. The Notes shall bear interest at a rate not exceeding the maximum
<br />inteiest 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 inteJ,"est 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 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 trust 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 Director of Finance.
<br />
<br />Section 4 Pursuant to Section 133 JO(B), Ohio Revised Code, the Fiscal Officer
<br />may combine the Notes with other notes into a single consolidated issue of notes fâr 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 denominatibns as may be
<br />req~Ç.sted by the original purchaser; and shall be executed by the Mayor and; Fiscal Officer,
<br />prO\!jded that one of such signatures may be a facsimile signature
<br />
<br />The Notes, pursuant to the tenns set forth below, may also be issued to a
<br />Depository (as hereinafter defined) for use in a book-entry system (as hereinaftet defined). The
<br />Fiscal Officer is hereby authorized and directed, to the extent necessary or required; to enter into
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<br />{KLF3010.DOC;I}
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