23-73 BAN - air pollution control equip for incinerator

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ORDINANCE 23-73 · ' BY: Messrs. Magnotto, McBr: Usher, Wendling, Brockr Graber AN EMERGENCY ORDINANCE to provide fo~ the issuance of a note of the City of Lakewood, Ohio, in anticipation ~of the issuance of bonds for the purpose of acquiring and installing air pollution control equipment for the City's incinerator. WHEREAS, this Council has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the improve- ment 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 maxim~ maturity of such bonds as twenty yemrs and of such note as fiveyears, or one year if sold privately; and WHERF~S, this Council by two-thirds vote of the members elected thereto determines that this~ordinance is an emergency measure which is nec- essary for the immediate preservation of the public peace, property, health and safety and for the further reason that the immediate issuance and sale of the note herein authorized is required to enable the City to enter the construction contracts to provide the improvements described herein which are necessary to meet the aim contaminant standards established by the State of Ohio compliance with which is urgently required in order to protect the health and property of the nearby residents of the City; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lake- wood, Cuyahoga County, Ohio:. Section 1. That it is hereby declared necessary to issue bonds of the City Of Lakewood in the Principal sum of $800,000 for the purpose of ac- quiring and installing air pollution ccntrol equipment for the City's incin- erator. Section 2. That said bonds shall be dated approximately February 1, 197~, 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 ma- ture in twenty substantially equal annual installments after their issuance. Section 3. That it is necessary and this Council hereby determines that a note in the principal amount of $800,000 shall be issued in anticipa- tion of the issuance of said bonds. Section 4. That such anticipatory note in the amount aforesaid shall bear interest at a rate not to exceed four and one-half per centum (~-1/2%) per annum~ payable at maturity, ~md at a rate not to exceed eight per centum (8%) per annum after maturity. Such note shall be dated as of the date of issuance 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 Finsmce of the City of Lakewood, City Hall, Lakewood, Ohio, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 6. Subject to the reJecti6n'of said notes by the Director of Finance for investment in the Bond Retirement Fund, said note shall be sold at the par value thereof by the Director of Finance at an interest rate not exceeding that specified in Section ~ of this ordinance and in accordance with the best interests and welfare of the City; and the Director of Finance is hereby authorized and directed to deliver said note, when executed, to the purchaser unon payment of such purchase price. The proceeds of such sale shall be paid 'into the proper fund amid used for the purpose for which said note is being issued under the provision of this ordinance.