55-74 BAN - air pollution control equip for incinerator

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ORDINANCE 55- 74 By: Messrs. Sinag,ra, Usher, Brockman, Graber, Magnotto, McBride AN E~,[ERGENCY ORDINANCE to provide for the issuance o.f a note of the City of Lakewood, Ohio, in anticipation of the issnance of bonds for the purpose of acquiring and installing air pollution control equipment for the City" s incinerator. ~EREAS, this Council, pursuant to Ordinnnee No. 23-73, pa§sed February 20, 1973, issued a note in the principal a~notn~t of $800,000 for the purpose hereinafter stated to mature on or before one year from its date~ of issuance, to wit: June 29, 1973; and ~IEREAS, this Council has determined to retire said outstanding note with the proceeds of the issuance of a new note; and I~]tEREAS, the Director of Finance, as fiscal officer, has certified to this Council such estimated life of the improvement hereinafter mentioned as exceeding fiv.e years'and has further certified the maximum maturity o.[ such bonds as twenty years and of such note as five years or one year if sold privately; and ' kqlEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an cmerge~cy measure which is necessary for the im~nediata 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 necessary to enable the City to preserve its credit by renewing the outstanding note at maturity; NOW, THEREFORE., BE IT ORDAINED by the Council of the City of Lake- wood, Cuyahoga County, Ohio: Section 1. That it is hereby declara~d necessary to .isstle bonds of the City of Lakewood in the principal sum of $800,000 for the purpose of acquiring and installing air pollutioO control, equipment for the City's in- cinerator. Section 2. That said bonds shall be dated approximately February 1, 1975, shall bear interest at the estimated rate of six per ccntum (6%) per annum, payable semi-annually, until the princ:ipa], sum is paid, and shall ma- ture in twenty substantially equal annual installments after their issuance. Section 3. That it is necessary an'd this Council hereby determ:[nes that a note in the principal amount of $800,000 sh~]_] be issued in anticJ, pa- tion of the issuance of said bonds and to pay and retire the above-mentioned outstanding note. Section a. That such anticipatory note :[n the amount aforesaid shall bear interest at a rate of six and sixty one ht~ndrEdths per centum (6.60%) per annum, payable at maturity, and at a rate not to exceed eight per centum (8%) per annum after mat,rity. Such note she1.], be dated as of the date of issuance and shall mature on or before one year from said date.