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ORDINA/qCE NO. 60-82
<br /> McBride, Salmon, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes of
<br />the City of Lakewood, Ohio, in anticipation of the issuance of bonds to
<br />pay costs of improving the City's waste water treatment plant.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 3-80, passed January 21,
<br />1980, this Council authorized the issuance o£ notes in anticipation of
<br />the issuance of bonds in the principal amount of $750,000 for the pur-
<br />pose hereinafter stated, which notes were dated March 4, 1980, and
<br />matured on March 4, 1981; and
<br />
<br /> WHEREAS, pursuant to an ordinance passed February 17, 1981,
<br />notes in the aggregate principal amount of $500,000, dated March 4, 1981,
<br />and maturing on or before March 4, 1982, were issued to retire, together
<br />with other moneys, the then outstanding notes; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 65-81, passed July 20, 1981,
<br />notes in the aggregate principal amount of $500,000, dated September 4,
<br />1981, and maturing on September 3, 1982, were issued to retire the then
<br />outstanding notes and said notes are presently outstanding; and
<br />
<br /> WHEREAS, the amount of $50,000 is now available to apply against
<br />the principal of said presently outstanding notes and that after the
<br />application of said $50,000 to the payment thereof, the remaining out-
<br />standing principal amount'of said notes (to-wit, $450,000) shall be
<br />funded by the issuance of new notes in anticipation of the issuance of
<br />bonds for the purpose hereinafter stated; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the improvement
<br />hereinafter mentioned is at least five (5) years and has further certi-
<br />fied the maximum maturity of the hereinafter mentioned bonds is forty
<br />(40) years and that the maximum maturity of notes issued in anticipation
<br />
<br />By: Brown, Chinnock, Gallagher, Graham,
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