|
ORDINANCE NO. 102-84
<br />
<br />By:
<br />
<br />Brown, Chinnock, Graham, McBride,
<br />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 replacing water mains, fire hydrants and curb connections
<br />in Olive Avenue and Lake Avenue.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 37-83 passed April 18,
<br />1983, the Council of the City authorized the issuance of notes in
<br />anticipation of the issuance of bonds in the principal amount of
<br />$800,000 for the purpose hereinafter stated, which notes were dated
<br />May 18, 1983, and matured on April 12, 1984, which notes were retired
<br />with the proceeds of notes in the principal amount of $800,000, which
<br />notes were dated March 16, 1984, and matured on July 16, 1984, which
<br />notes were retired with the proceeds of notes in the principal amount of
<br />$700,000, which notes were dated July 13, 1984, and will mature on
<br />December 14, 1984; and; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the improvement
<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 twenty (20) years from the date of issuance of the
<br />original 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 $700,000 for the purpose
<br />of replacing water mains, fire hydrants and curb connections in Olive
<br />Avenue and Lake Avenue.
<br />
<br /> Section 2. Said bonds shall be dated approximately
<br />November 1, 1985, shall bear interest at the estimated rate of ten per
<br />centum (10%) per annum, payable semi-annually, until the principal sum
<br />is paid, and shall mature in twenty (20) substantially equal annual
<br />installments after their issuance.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter
<br />called the "Notes") in the principal amount of $700,000 shall be issued
<br />in anticipation of the issuance of said bonds for the above-described
<br />purpose and to pay and retire the outstanding notes. The Notes shall
<br />bear interest at such rate or rates not exceeding the maximum interest
<br />rate of fifteen per centum (15%) per annum, as may be fixed by the
<br />Director of Finance in his certificate awarding the Notes at private
<br />
<br />
<br />
|