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r... r ORDINANCE NO" 96-83 BY: Brown, Chinnock~ Gallagher, Graham, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE to provide for the issuance 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 and Resolution No. 5709 by constructing thereon breakwal1s with concrete modules and end returns. WHEREAS, there are presently outstanding notes issued in anticipation of the issuance of bonds in theptincipal amount bf $110,000, which notes aTe dated August 16, 1983. ahd will mature on or before July 1, 1984, and were issued to reti~e bond anticipation notes first issued in 1982; 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 tö the estimated life of the improvements so constructed; arid WHEREAS, this Council by twö~thirds (2/3) vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary för 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 hereih 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 (hereinafter called the "Bonds ") of the City of Lakewood in the princi.... pal amount of $111,000 fot the purpose of paying the property owners' portion, in änticipation of the levy and collection of special assess- ments. of the cost of improving the municipal easement described in Resolution No. 5715. duly adopted by the City Council on October 18, 1982. and Resolution No. 5709. duly adopted by the Council of the City on September 20, 1982, by constructing thereon breakwalls with concrete modules ánd end returns. Said Bonds shall be issued in one lot and notes have been issued in anticipation of said Bonds. Section 2. Said Bonds shall be dated October 1. 1983; shall be numbered from 1 upwards; shall be of the denomination of $1,000 or integral multiples thereof; and shall bear interest from their respec- tive dates at the rate of twelve per centum (12%) per annum. payable semiannually on the first day of June and the first day of December of each year (the "Interest Payment Dates!!). beginning June 1. 1984. until the principal sum is paid; provided. however. that if the Bonds are sold bearing a different rate of interest than herein specified, such Bônds shall bear such rate of interest as may be provided in the ordinance of Council approving the award thereof. Such Bonds shall mat·ute as follows: $10.000 on December lin each of the years from-.-1985