05-77 BAN - enclosure at Foster Pool

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ORDINANCE NO. 5 -77 BY: Messrs. S ina~,~ra, Usl~er, Brockman, Chinnock, Magnotto, McBride, Salmon AN EMERGI',~,CY OILDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the put- po~ ~ p~ying costs of providing an enclosure for the Foster Pool, together with ~he necessary appurtenances thereto. ~tEREAS, the Director of Finance, as fiscal officer, bas certified to this Council that the estimated life of such improvement is as at least five years and has further certified the maximum maturity of such bonds as fifteen years and of such notes as eight years from the date of original issue, or one year if sold privately; and WHEREAS, this Council by two-thirds vote of the members elected there- to determines that this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health and safety and for the further reason that the prompt issuance and sale of the notes herein authorized is necessary to provide an urgently needed improvement to the Foster Pool and thereby promote the health and welfare of the residents 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 amount of $450,000 for the purpose of paying costs of providing an enclosure for the Foster Pool, together with the necessary appurtenances thereto. Section 2. That said bonds shall be dated approximately February 1, 1978, 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 fifteen substantially equal annual installments after their issuance. Section 3. That it is necessary and this Council hereby deter- mines, that notes in the principal amount of $450,000 shall be issued in anti- cipation of the issuance of said bonds. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest payable at maturity at one or more rates not exceeding the maximum rate permitted by law, provided that such notes may bear one or more different rates not exceeding the maximum rate permitted by law after maturity and until the principal sum is paid; shall be in the denominations and numbered as the original purchaser or purchasers thereof request, shall be dated as of the date of issuance and shall mature one year from date, with an option in the City to redeem such notes prior to maturity if satisfactory to the original purchaser or purchasers of such notes. Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable at the office of the Director of Finance, City Hall, Lakewood, Ohio, 'and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of said notes by the Director of Finance for investment in the Bond Retirement Fund, said notes shall be sold at the par value thereof by the Director of Finance at an interest rate or rates not exceeding that specified in Section 4 of this'ordinance and in accordance with the best interests and welfare of the City; and the Director