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<br />PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 4/18/05.
<br />
<br />ORDlNANCENO,
<br />
<br />44-05
<br />
<br />By'
<br />
<br />Corrigan, Demro, Dever, Dunn, FitzGerald,
<br />Madigan, Seelie.
<br />
<br />AN EMERGENCY ORDlNANCE to provide for the issuance of $1,300,000
<br />Wastewater Treatment Plant Improvement Bond Anticipation Notes, Series 2005 of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for the pmpose of improving the City's
<br />wastewater treatment plant.
<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 />máximum 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 />issuance of the original notes; and
<br />
<br />WHEREAS, tills Council 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 />at ¡he earliest date possible as set forth in ARTICLE III, SECTION 10 aud 13 of the SECOND
<br />AMENDED CHARTER OF TEE 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 />jn the principal amount of $1,300,000 for the purpose of improving the City's wastewater
<br />treatment plant.
<br />
<br />Sectiou 2, Said bonds shaH be dated approximately June I, 2006, shaH bear
<br />interest at the estimated rate of five per centum (5%) per annum, payabje semi-annually, untii the
<br />principal sum is paid, and shall mature in such twenty (20) annual principal installments after
<br />th¿ir issuance that the total principal and interest payments in any year in which principal is
<br />payable is substantially equal I
<br />
<br />Section 3, It is hereby determined that notes (hereinafter calle4 the "Notes") in
<br />the principal amount of $1,300,000 shall be issued in anticipation of the issuartce of said' bonds
<br />for the above-described purpose The Notes shall bear interest at a rate' nQt exceeding the
<br />maximum interest rate of six per centum (6%) per annwn, 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 />req~ested 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 paid; shall be dated their date of issuance and shall mature on a date between six months and
<br />tw~lve 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 shaH 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 ot 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(8), Ohio Revised Code, the Fiscal Officer
<br />may combine the Notes with other notes into a single consolidated issue of notes f~r purposes of
<br />their sale as a single issue, to be designated "Various Purpose General QbFgation Bond
<br />An~cipation Notes, Series 2005"; such notes shall contain a summary statement of purposes
<br />eµc:ompassing the purpose for which the Notes are issued; shaD 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 />Depository (as hereinafter defined) for use in a book-entry system (as hereinafter defined) The
<br />
<br />{KLFJOOg,DOC; I}
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