57-70 BAN - Robinwood storm sewer

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ORDINANCE NO. 57-70 Messrs. Gaydos, Graber, Huffman, Hsl.~er, Ward, Wendling AN ~YFLRGENCY ORDINANCE to provide for the issuance of a note of the Cityof Lakewood,~ Ohio, in anticipation of the issuance of bonds to pay the costs of replacing and reconstructing a portion of the Robinwood -Avenue storm sewer.' WHEREAS, this Council has heretofore.requested the Director of Finance to issue his certificate as to the estimated life of the improvement and the maximum maturity of the bonds hereinafter referred to and of the notes to be issued in anticipation of said bonds, and the Director of Finance has certified to this Council such estimated life as exceeding five years and has further certified the maximum maturity of such bonds as forty years and of such note as five years from Nove~oer 17, 1969, or one year if sold privately; and WHEREAS, the City has heretofore authorized, sold and delivered its note in the principal amount of $42,000 for the purpose hereinafter stated, which note will mature on November 17, 1970; and WHEREAS, there is now available the sum of $8,400 to retire a portion of the principal of such maturing note; and WHEREAS, this Council by two-thirds VOte of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the immediafe issuance and saleof the note herein authorized to enable the City to retire, the outstanding note of the City which is about tomature and thereby preserve the credit of the City; NOW, THEREFORE, BE IT ORDAINED by the 'Council of the City of Lakewood,~Cuyahoga County, Ohio: '- Section 1. That it is hereby declared ~necessary to issue bonds of'the City of Lakewood in the prinCipal's~ of $33,600 for the purpose of · paying the costs of replacing and reconstructing a portion of the Robinwood Avenue stOrm sewer between Franklin Boulevard and Detroit Avenue. Section 2. That said bonds shall be datedapproximately November 1,1971, shall bear interest at the estimated rate of six and one-half per centum (6-1/2%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in forty Substantially e~ual annual installments after their issuance. Section B. That it is necessary and this Council hereby determines that a note in the principal amount of $33,~600 shall be issued in anticipation of the issuance of said bonds. Section 4. That such anticipato~y note in the amount aforesaid shall bear interest at the rate of four and oue-quarter per centum (4'1/4%) per annum, such interest to be payable atmaturity. Such note shall ~e dated November 17, 1970, and shall mature on or before one year from said date. Section 5. That such note shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. It shall be payable at the office of the Director of Finance of the City of Lakewood, City Hall, Lakewood, Ohio,.and shall express upon its face the purpose for which it is issued ~nd that it is issued pursuant to this ordinance. Section 6. Said note shall be first offered to the Director of Finance as officer in charge of the Bond Retirement Fund, ~nd if not taken by said fund shall be ~and heheby is awarded and sold to Central National Bank , ~ par and accrued interest, and the proceeds from such note, except any premium and accrued interest thereon,