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01~32~NCE NO, 80-68
<br />
<br />BY: Messrs. G~er, Huffman, Kelley,
<br /> USher, Ward
<br />
<br /> AN EMERGENCY ORDINANCE to amend Section 2 of Ordinance No. 6Q-68
<br />passed July 30, 1968, entitled "An Emergency Ordinance authorizing the issu-
<br />ance of $2~9~O~000 Sewage Treatment Plant Improvement Bonds of 1968 of the
<br />City of Lakewood, Ohio, for the purpose of reconstructing and expanding the
<br />City's sewage disposal plant with the necessary appurtenances thereto.".
<br />
<br /> WHEREAS, this Council by two-thirds vote of the members elected
<br /> thereto determines that this ordinance is an emergency measure which is
<br /> necessary for the immediate preservation of the public peace, health and
<br /> safety of the City and its inhabitants and for the further reason that the
<br /> prompt issuance of the bonds hereinafter mentioned is necessary to provide
<br /> funds to enable the City of Lakewood to retire its outstanding notes issued
<br /> in anticipation thereof, thereby preserving its credit; and
<br /> WHERFAS, on July 30, 1968, this Council passed Srdinance No. 64-68
<br /> to provide for the issuance of bonds to reconstruct and expand the City's
<br /> sewage disposal plant with necessary appurtenances thereto, and this Council
<br /> now finds and determines it to be necessary to amend Section 2 of such
<br /> ordinance in order to make certain of such bonds subject to call.
<br /> NSW, THEREFORE, BE IT SP~A~D by the Council of the City of
<br /> Lakewood, Cuyahoga County, State of Ohio:
<br /> Section 1. That Section 2 of Ordinance No. 64-68 passed July 30,
<br /> 1968, is hereby amended to read in full as follows:~
<br /> "Section 2. That said bonds in the principal sum of
<br /> $2,940,000 shall be in the denomination of $5,000 each, shall
<br /> be numbered from i to 558, both inclusive, shall be dated the
<br /> first day of ~ecember,1968, and shall bear interest at the
<br /> rate of fou~ per centum (~) per annum, payable semi-annually
<br /> on the first day of June and the first day of December of
<br /> each year until the principal sum is paid, commencing June l,
<br /> 1969, as evidenced by the coupons attached thereto; provided,
<br /> however, that if the bonds are sold bearing a different rate
<br /> of interest than herein specified, such bonds shall bear such
<br /> rate of interest as may be provided in the resolution of Council
<br /> approving the award thereof. Such bonds shall mature as
<br /> follows: "$1~0,~000 on Secember i in each of the years from
<br /> 1975 to 1977, both inclusive, and $130,000 o~ December 1 in
<br /> each of the years from 1978 to 1991, both inclusive, which
<br /> maturities are hereby determined to be in substantially equal
<br /> annual installments, and shall be subject to call for redemp-
<br /> tion in whole or in part in inverse' numerical order at their
<br /> par value plus accrued interest to date of call on any interest
<br /> payment date on and after December l, 1988. Any such right
<br /> of redemption shall be exercised by resolution or ~rdtnance
<br /> of Council and by publication of notice of such call in a
<br /> financial journal of national circulation once a week for two
<br /> consecutive weeks, such resolution or ordinance to be passed
<br /> and such notice first published~ not less than thirty days
<br /> prior to the date of such call., ~po,n, which date all interest
<br /> on the bonds so called shall cease.
<br /> Section 2. That Section 2 of Ordinance No. 64-68 passed July 30,
<br /> 1968, shall be and the same is hereby zepealed.
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