36-83 Sewer, manholes, catchbasins - Olive BAN

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ORDINANCE NO. 36-83 By: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERSENC¥ ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of constructing a combined sewer, with manholes, catchbasins and other necessary appurtenances thereto, in Olive Avenue. %FrIEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvement hereinafter mentioned is at least five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is forty (40) years and that the maximum maturity of notes issued in anticipation of said bonds is ten (10) years from the date of issuance of the orig- inal notes, or one (1) year if sold privately; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the further reason that the immediate issuance and sale of the notes herein authorized is neces- sary to provide funds to construct a sewer Which is needed immediately to protect the health and property of the citizens of the City; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $400,000 for the purpose of constructing a combined sewer, with manholes, catchbasins and other necessary appurtenances thereto, in Olive Avenue. Section 2. Said bonds shall be dated approximately April 1, 1984, shall bear interest at the estimated rate of twelve per centum (12%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty (20) substantially equal annual installments after their issuance. Section 3. It is hereby detez~nined that notes (hereinafter called the "Notes") in the principal amount of $400,000 shall be issued in anticipation of the issuance of said bonds for the above-described purpose. ~"ne Notes sh~ll bear interest at such rate, not exceeding fifteen per centum (15%) per annum, as may be fixed by the Director of Finance in hie certificate awardi~g the Notes at private sale, such in- terest to be payable at matu~rity, with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a rate which shall not exceed fifteen per centum (15%) per annum until the principal sum is paid; shall be dated their date of issuance; shall mature on April 12, 1984; shall not be subject to redemption by the City at any time prior to maturity, unless the original purchaser of the Notes requests that the Notes provide for such redemption, in which case provision shall be made for calling the Notes for redemption upon ten (10) days written notice to the original purchaser; shall be desig- nated "Olive Sewer Bond Anticipation Notes"; shall be issued in such numbers and denominations as may be requested by the original purchaser;