69-72 BAN - Robinwood Storm Sewer

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ORDINANCE NO. 69-72 Messrs. Werner, Brockma Graber, Magnotto, McBri. BY: Usher AN ~4F~GENCY ORDIN~ICE to provide for the issumnce the City of Lakewood, Ohio, in anticipation of the issuance of bonds to pay the costs of replacing and reconstructing a portion of the Robinwood Avenue storm seger. 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, ~nd the Director of Fi- nance has certified to this Council such estimated life as exceeding five years and has further certified the maximin maturity of such bonds as forty years and of such note as five years from ilovember 17, 1969, or one year if sold privately; and WHERF~S, the City has heretofore authorized, sold and delivered its note in the principal ~mount of ~21,000 for the purpose hereinafter stated, which not~ will mature on November l?, 1972; and WHEREAS, there is now availabl~ 'the sum of $7,000 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 immediate issuance and sale of the note herein authorized to e~able the City to retire the oUtstanding note of the City which is about to mature and thereby preserve the credit of the City; NOW, THEREFORE, BE IT RESOLVED 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 amount of ~14,000 for the purpose of paying the costs of replacing and reconstructing a portion-of the Robin- wood Avenue storm sewer between Franklin Boulevard and Detroit Avenue. Section 2. That said bonds shall be dated approximately November l, 1973, shall bear interest at the estimated rate of six per centum (6%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in forty substantially equal annual installments after their issuance. Section B. That it is necessary and this Council hereby determines that a note in the principal amount of $1b,000 shall be issued in anticipation of the issuance of said bonds. Section ~. That such anticipatory note in the amount aforesaid shall bear interest at the rate of Two and eighty-five hundredths per centum (2.85%) per annum, such interest to be payable at maturity. Such note shall be dated November 17, 1972, 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 pay- able 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 yhich it is issued and 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 Retircment Fund, and if not telen by said fund shall be and hereby is awarded and sold to Central National Bank of Cleveland at par and accrued interest, and the proceeds