16-84 Water mains at Olive & Lake BAN

Home Browse Search

ORDINANCE NO. 16-84 By:Brown, Chinnock, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE to. prOvide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of replacing water mains, fire hydrants and curb connections in Olive Avenue and Lake Avenue. WHEREAS, pursuant to Ordinance No. 37-83 passed April 18, 1983, the Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in the principal amount of $800,000 for the purpose hereinafter stated, which notes are dated May 18, 1983, and will mature on April 12, 1984; and WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvement hereinafter mentioned is at least five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is forty (40) years and that the maximum maturity of notes issued in anticipation of said bonds is ten (10) years from the date of issuance of the orig- inal notes, or one (1) year if sold privately; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the further reason that the immediate issuance and sale of the notes herein authorized is neces- sary to provide funds to retire the outstanding notes which are about to mature and thereby protect the credit of the City. NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $800,000 for the purpose of replacing water mains, fire hydrants and curb connections in Olive Avenue and Lake Avenue. Section 2. Said bonds shall be dated approximately July 1, 1984, shall bear interest at the estimated rate of ten per centum (10%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty (20) substantially equal annual installments after their issuance. Section 3. It is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $800,000 shall be issued in anticipation of the issuance of said bonds for the above-described purpose and to pay and retire the outstanding notes. The Notes shall bear interest at such rate or rates not exceeding the maximum rate permitted by law, as may be fixed by the Director of Finance in his certificate awarding the Notes at private sale, such interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a rate or rates not exceeding the maximum rate permitted by law until the principal sum is paid; shall be dated their date of issuance; shall mature four months from date of issue; shall not be subject to redemption by the