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<br />PLEASE SUBSTITUTE FOR ORDINANCE NO. 42-05 PLACED ON
<br />1ST READING & REFERRED TO THE FINANCE COMMITTEE 4/18/05~
<br />PLACED O~ 2ND REAPING 5/2/05.
<br />
<br />ORDINANCE NO l!?q3~
<br />
<br />By'
<br />
<br />Corrigan, Demro, Dever, Dunn, FitzGerald,
<br />Madigan, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $4,840,000
<br />Waterline Improvement General Obligation Bond Anticipation Notes, Series 2005 of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose .of improving
<br />waterlines.
<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 />maximwn maturity of the hereinafter mentioned bonds is forty (40) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is twenty (20) years from the date of
<br />issúance of the original notes; and
<br />
<br />WHEREAS, this Council by a vote of at jeast five (5) members ejected thereto
<br />detennines that this ordinance is art 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 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 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 ti}e principaj amount of $4,840,000 for the purpose of improving waterlines
<br />
<br />Section 2, Said bonds shall be dated approximately June 1, 2006, shall bear
<br />interest at the estimated rate of five per centum (5%) per annun1, payable semi-arinually, until the
<br />principaj 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 />payable is substantially equal
<br />
<br />Section 3, It is hereby detennined that notes (hereinafter called the "Notes") in
<br />the principaj amount of $4,840,000 shall be issued in anticipation of the 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 />requ'ested by the purchaser, that, in the event of default, the same shaH bear interest at a rate not
<br />exceeding the maximum interest rate of ten per centWTI (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, inclusive, as detemrined by the Fiscal Officer; sha11 not be subject
<br />to redemption by the City at any time prior to maturity; and shalj be payable as to both principaj
<br />and Interest at the office of the Fiscal Officer of the City, or at banks or trust 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, th" Fiscal Officer
<br />may combine the Notes with other notes into a single consolidated issue of notes for purposes of
<br />thei~ sale as a single issue, to be designated "Various Purpose General ObHgation 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 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 tenns set forth below, may also ,be issued to a
<br />Dep'Qsitory (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 />
<br />{2005W ATERIMPNOTEAMENDED.DOC;2}
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