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<br />ORDmANCE NO
<br />
<br />30-06
<br />
<br />PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 4/17/06. PLACED ON 2ND
<br />READING 5/1/06.
<br />
<br />By· Antonio, Butler, Demro, Dever,
<br />FitzGerald, Madigan, Seelie.
<br />
<br />AN ORDINANCE to take effect immediately provided it receives the affirmative
<br />vote of at least five (5) members elected to Council otherwise, it shall take effect and be in force
<br />after the earliest period allowed by law, to provide for the issuance and sale of notes of the City
<br />of Lakewood, Ohio, in anticipation of the issuance of bonds, in the principal amount of
<br />$2;,945,000 for the pUl}Jose of improving streets by replacement of the concrete base and asphalt
<br />overlay, including replacement of curbs and aprons as required, together with all necessary
<br />appurtenances thereto
<br />
<br />WHEREAS, pursuant to Ordinance No 34-05, passed May 16,2005, the Council
<br />of the City authorized the issuance of notes in anticipation of the issuance of bonds in the
<br />principal amount of $1,450,000 for the purpose hereinafter set forth, which notes were dated
<br />June 15,2005 and which notes will mature on June 15,2006, (the "2005 Notes"); and
<br />
<br />WHEREAS, the Council of the City has determined that the outstanding principal
<br />of the 2005 Notes shall be paid by the issuance of new notes in anticipation of the issuance of
<br />bonds for the purpose hereinafter stated; and
<br />
<br />WHEREAS, the Council of the City has detennined that it is necessary to issue an
<br />additional $1,495,000 in principal amount of new notes for the purpose hereinafter stated; and
<br />
<br />WHEREAS, the Director. of Finance of the City of Lakewood, Ohio, as fiscal
<br />officer, has certified to this Council that the estimated life of the improvements hereinafter
<br />mentioned is at least five (5) years and has further certified that th~ maximum maturity of the
<br />bonds in anticipation of which the notes will be issued is at least twenty (20) years and that the
<br />maximum maturity of the notes issued in anticipation of bonds is twenty (20) years from the date
<br />of issuance of the notes originally issued for the improvements; and
<br />
<br />WHEREAS, this 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 the earliest date possible as set forth in ARTICLE 1Il, SECTIONS 10 AND 13 of the
<br />SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for
<br />the immediate preservation of the public propertý, 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 ORDAmED hy the City of Lakewood, Cuyahoga
<br />County, Ohio that-
<br />
<br />Section I, It is hereby declared necessary to issue bonds of the City of
<br />Lakewood, Ohio (the "City") in the principal amount of $2,945,000 for the purpose of improving
<br />streets by replacement of the concrete base and asphalt overlay, including replacement of curbs
<br />and aprons as required, together with all necessary appurtenances thereto
<br />
<br />Section 2 The bonds shall be dated approximately June I, 2007, shall bear
<br />interest at the now estimated rate of six per centum (6%) per annum, payable semi-annually until
<br />the principal sum is paid, and shall mature in twenty (20) annual installments after their issuance
<br />such that the total principal and interest payments in any year in which principal is payable is
<br />substantially equal
<br />
<br />Section 3. It is hereby determined that notes (hereinafter referred teas the
<br />"Notes") in the principal amount of $2,945,000 shall be issued in anticipation of the issuance of
<br />bonds for the above-described purpose The Notes shall be sold at private sale and shall bear
<br />interest at the rate, fixed by the Director of Finance in his certificate awarding the Notes,
<br />provided that such rate shall not exceed eight per centum (8%) per annum. Interest on the Notes
<br />shall be payable .at maturity, with provision, if requested by the original purchaser, that, in the
<br />event of default, the Notes shall bear interest, at a rate which shall not exceed ten per centum
<br />(10%) per annum, until thè- principal sum is paid or provided for. The Notes shall be dated their
<br />date of issuance, shall mature on a date that is between six months and one year, inclusive, from
<br />their date of issuance, all as detenmned by the Director of Finance The Notes shall not be
<br />
<br />(2006 BANS.DOC;l}
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