04-75 BAN - construct storm & sanitary sewers

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ORDINANCE NO. 4- 75 BY: Messrs. Usher, Brockman, Chinnock, Graber, Magnotto, McBride, Sinagra, AN EMERGENCY ORDINANCE to provide for ,the issuance of a note of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of paying costs of constructing and reconstructing storm and sanitary sewers together with the necessary appurtenances thereto. 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 f~rther certified the ma~{mum maturity of such bonds as forty years and of such notes as five years 'from January 11, 1973,' or one year if sold privately; and WHEREAS, there has heretofore been issued pursuant to Ordinance No. 70-72 passed on November 20, 1972 a note in the amount of $500,000 to pay the costs of said improvements, which note matured and was. renewed by a note in the principal amount of $500,000 dated January i1, 1974, issued pursuant to Ordinance No. 2-74, passed January 7, 1974, and said note is about to mature; and WHEREAS, there is now available moneys to reduce said note in principal amount to $470,000; and WHEREAS, this Council by two-thirds vote of the members elect thereto determines that this ordinamce is an emergency measure which is necessary for the ~mmediate 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 retire at maturity the outstanding note and thereby preserve the City's credit; NOW, T~EREFORE, 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 sum of $470,000 for the purpose of paying costs of constructing and reconstructing storm and sanitary sewers together with the 'necessary appurtenances thereto. Section 2. That said bonds shall be dated approximately December 1, 1975, 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 fifteen 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 $470,000 shall be issued in anticipation of the issuance of said bonds. Section 4. That such anticipatory note in the amount aforesaid shall bear interest at the rate of six per centum (6%) per annum, payable at maturity. Such note shall be dated as of January 11, 1975 and shall mature on or before January 9, 1976. 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 and that it is issued pursuant to this ordinance.