107-83 Bonds to pay property owners protion - breakwall

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ORDINANCE NO. 107-83 BY: Brown, Chinnock, Galla§her, Graham, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE to provide for the award of $111,000 bonds of the City of Lakewood, Ohio, for the purpose of paying the property owners' portion, in anticipation of the levy and collection of special assessments of the cost of improving the municipal easements described in Resolution No. 5715 duly adopted by the City Council on October 18, 1982, and Resolution No, 5709 duly adopted by the City Council on September 20, 1982, by conStrUcting thereon breakwalls with concrete~dules and end returns. WHEREAS, bids have been received for the purchase of $1tl,000 Crane- Sessions Breakwall Bonds (the "Bonds") authorized by Ordinance No. 96-83 passed by this Council on September 6, 1983, following the advertissment of the sale of the Bonds in accordance with the law; and WHEREAS, it has been determined that the bid of McDonald & Company Securities, for the Bonds with a premium of $176.00 and to bear an interest rate of 8 l/4 % per annum is the highest bid 6~sed upon the lowest rate of interest received for the Bonds; and WHEREAS, this Council by two-thirds (2/3) vote of the members elected thereto determines that this ordinance is an emergency measure which is neces- sary for the ~mmediate preservation of the public peace, property, health, safety and welfare and for the further reason that the ~mediate issuance and sale of the Bonds herein authorized is necessary to enable the City to retire outstanding notes and maturity and thereby preserve the City's credit: NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood: Section I, The Bonds, bearing the terms and maturities as provided in the ordinance authorizing the Bonds, are hereby awarded and sold to J~cL~_C0mpany Securities, Inc. , in a~Dce with its bid therefor, bearing interest at ~ne rate of Eight and one-"per centum ( 8 l/4 %) per annum, with a premium of $176.00 .., which interest rate is hereby determined to be the maximum in- terest rate per annum to be borne by the Bonds. Section 2. That the Director of Finance shall be and is hereby author- ized and directed to cause the Bonds to be printed forthwith and thereupon have the same executed and delivered, together with a true transcript of the proceed- ingS authorizing the Bonds, to the aforesaid purchaser upon payment of the par value thereof, the aforesaid premium, and accrued interest to the date of deliv- ery. Section 3. The Clerk of CoUncil is hereby authorized and directed to forward a certified copy of this ordinance to the County Auditor of cnyahoga County. Section a. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all such deliberations of this Council and any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements includ- ing the City's Charter and Codified Ordinances and Section 121.22 of the Ohio Revised Code.