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ORDINANCE NO. 72-83
<br />
<br />By: Brown, Chinnock, Gallagher, Graham,
<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 for
<br />the purpose of making improvements to the City's sewage treatment and
<br />disposal works and its ancillary systems.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 58-81 passed June 15, 1981,
<br />the Council of the City authorized the issuance of notes in anticipation
<br />of the issuance of bonds in the principal amount of $4,385,000 for the
<br />purpose hereinafter stated, which notes were dated August 6, 1981, and
<br />matured on August 6, 1982, which notes were retired with funds of the
<br />City in the amount of $35,000 and with the proceeds of notes in the
<br />principal amount of $4,350,000, which notes are dated August 6, 1982,
<br />and will mature on August 5, 1983; and
<br />
<br /> WHEREAS, the City Council has determined that $350,000 is now
<br />available to apply against the principal of said notes and that after
<br />the application of said $350,000 to the payment thereof, the remaining
<br />outstanding principal amount of said notes (to-wit, $4,000,000) shall be
<br />funded by the issuance of new notes in anticipation of the issuance of
<br />bonds; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the improvements
<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 />of said bonds is ten (10) years from the date of issuance of the orig-
<br />inal notes, or one (1) year if sold privately; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which is
<br />necessary for the immediate preservation of the public peace, property,
<br />health, safety and welfare in the City and for the further reason that
<br />the immediate issuance and sale of the notes herein authorized is neces-
<br />sary to provide funds to retire the outstanding notes which are about to
<br />mature and thereby protect the credit of the City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal amount of $4,000,000 for the
<br />purpose of making improvements to the City's sewage treatment and dis-
<br />posal works and its ancillary systems.
<br />
<br /> Section 2. Said bonds shall be dated approximately April 1,
<br />1984, shall bear interest at the estimated rate of twelve per centum
<br />(12%) per annum, payable semi-annually, until the principal sum is paid,
<br />and shall mature in thirty (30) substantially equal annual installments
<br />after their issuance.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter
<br />called the '"Notes") in the principal amount of $4,000,000 shall be
<br />issued in anticipation of the issuance of said bonds for the above-
<br />described purpose and to pay and retire the outstanding notes. The
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