38-83 Bonds for purchasing garbage trucks

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ORDINANCE NO. 38-83 By: Brown,'CHinnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE to provide for the issuance of $1,000,000 bonds of the City of Lakewood, Ohio, for the purpose of purchasing rubbish collection trucks. WHEREAS, there are presently outstanding notes issued in anticipatio~ of the issuance of bonds in the principal amount of $1,000,000, which notes are dated June 4, 1982, will mature on June 3, 1983, and were issued to retire bond anticipation notes first issued in 1981; and WHEREAS, this Council has determined it necessary to issue the bonds herein authorized to provide funds to retire the presently out- standing bond anticipation notes at maturity; and WHEREAS, the Director of Finance, as fiscal officer, has certified to the maximum maturity of the bonds proposed to be issued and as to the estimated life of the equipment so acquired; and WHEREAS, this Council by two-thirds (2/3) vote of the members elected tkereto determines that this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare and for the further reason that the immediate issuance and sale of the bonds herein authorized is necessary to enable the City to retire the outstanding bond anticipation notes at maturity and thereby preserve the City's credit; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood: Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $1,000,000 for the purpose of purchasing rubbish collection trucks. Section 2. Said bonds shall be dated June 1, 1983; shall be numbered from 1 to 200, inclusive; shall be of the denomination of $5,000 each; and shall bear interest at the rat9 of twelve per centum (12%) per annum, payable semi-annually on the first day of June and the first day of December of each year, beginning December 1, 1983, until the principal sum is paid; provided, however, that if the bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate of interest as may be provided in the resolution of Council apprdving the award thereof. Such bonds shall mature as follows: $200,000 on Decembe~ 1 in each of the years from 1984 to 1988, inclusive; which maturities are hereby determined to be in substantially equal annual installments. Section 3. Said bonds shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance; shall be designated "Truck Acquisition Bonds"; shall be executed by the Mayor and by the Director of Finance, one of whose signatures may be a facsimile signature; and shall bear the corporate seal of the City or a facsimile thereof. The interest coupons attached thereto shall bear the facsimile signature of the Director of Finance