32-81 Purchase garbage trucks - BAN

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ORDINANCE NO. 32-81 BY: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, ~ Wendling AN E~RGENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the pur- pose of purchasing rubbish collection trucks. WHEREAS, the Director of Finance as fiscal officer, has certified to this Council that the estimated life of the improvement hereinafter men- tioned is at least five years and has further certified the maximum maturity of the hereinafter mentioned bonds is five years and that the maximum maturity of notes issued in anticipation of said bonds is eight years, or one year if sold privately; and ~EREAS, 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 preservation of the public peace, property, health and safety and-for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to enable the City to enter into contracts for the acquisition of the rubbish collection trucks and thereby enable the City to collect garbage and refuse and thereby protest the health and safety 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 $1,300,000 for the purpose of purchasing rubbish collection trucks. Section 2. That said bonds shall be dated approximately June 1, 1981, shall bear interest at the estimated rate of nine per centum (9%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in five substantially equal annual installments after their issuance. Section 3. That it is necessary and this Council hereby determines that notes in the principal amount of $1,300,000 shall be issued in anticipa- tion 0f 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 the date of their issuance and shall mature one year from such 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 ~.~ayor 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 of Finance is hereby authorized and directed to deliver said notes, when executed, to the original purchaser or purchasers thereof upon payn~ent of the purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued ~der the provisions of this ordinance. The City hereby covenants that it will restrict the use of the proceeds of said notes in such manner and to such extent, if any, as may be