56-83 Bonds to purchase rubbish collection trucks

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ORDINANCE NO. 56-83 BY: Brown, Chinnock, Graham, Salmon, Wendl i ng AN Eb~RGENCY ORDINANCE to provide for the award of $1,000,000 bonds of the City of Lakewood, Ohio, for the purpose of purchasing rubbish collection trucks. WHEREAS, bids have been received for the purchase of $1,000,000 Truck Acquisition Bonds authorized by Ordinance No. 38-83 passed by this Council on April 18, 1983 (the "Bonds"), following the advertisement of the sale of the Bonds in accordance with law; and Merrill Lynch White WHEREAS it has been determined that the bid of w~l~ C~n~l Mkts for the Bonds with a premium of $ 602 and to bear an znterest rate of 7.00 % per annum is the highest bid based upon the lowest rate of interest received for the'Bonds; and ~q{EREAS, this Council by two-thirds (2/3) 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, 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 outstanding notes at maturity and thereby preserve the City's credit; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood: Section 1. The Bonds, bearing the terms and maturities as provid~e~j~%~n~ea~rizing the Bonds, are hereby awarded and sold to -.2~,.~ ~,.,. ,in accordance with its bid therefor, bearing · ~M ~u, ,., ~. ° um with a ~nterest a~ t~e ra~e of seven per centum ( 7.00 %) per ann , premium of $ 602 , which interest rate is hereby determined to be the maximum interest rate per annum to be borne by the Bonds. Section 2. That the Director of Finance shall be and is here- by authorized 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 proceedings authorizing the Bonds, to the aforesaid purchaser upon payment of the par value thereof, the aforesaid premium, and accrued interest to the date of delivery. Section 3. The Clerk of Council is hereby authorized and directed to forward a certified copy of this ordinance of the County Auditor of Cuyahoga County. Section 4. 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 deli- berations of this Council and any of its committees that resulted in such formal action, were in meeting open to the public, in compliance with all legal requirements including the City's Charter and Codified Ordinances and Section 121.22 of the Ohio Revised Code.