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ORDINANCE NO. 50-84
<br />
<br />Brown, Chinnock, Gallagher,
<br />Graham, 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,
<br />for the purpose of paying the City's portion of the cost of improving,
<br />in cooperation with the DirectOr of Transportation of the State of Ohio,
<br />Lake Avenue from West ll7th Street to Webb Road in the City of Lakewood,
<br />Ohio, by reconstruction of the roadway, replacing curbing, installing
<br />handicapped ramps, together with the necessary appurtenances thereto.
<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 twenty
<br />(20) 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
<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 for the construction of street improvements in the City
<br />in order to remove hazards to traffic;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue
<br />bonds of the City of Lakewood in the principal amount of $400,000 for
<br />the purpose of paying the City's portion of the cost of improving, in
<br />cooperation with the Director of Transportation of the State of Ohio,
<br />Lake Avenue from West lI7th Street to Webb Road in the City of Lakewood,
<br />by reconstruction of the roadway, replacing curbing, installing
<br />handicapped ramps, together with the necessary appurtenances thereto.
<br />
<br />Section 2. That said bonds shall be dated approximately
<br />May 1, 1985, shall bear interest at the estimated rate of ten per centum
<br />(10%) per annum, payable semi-annually, until the principal sum is paid,
<br />and shall mature in twenty (20) substantially equal annual installments
<br />after their issuance.
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<br /> Section 3. That it is hereby determined that notes (herein-
<br />after called the "Notes") in the principal amount of $400,000 shall be
<br />issued in anticipation of the issuance of said bonds for the above-
<br />described purpose. The Notes shall bear interest at a rate or rates not
<br />exceeding the maximum interest rate permitted by law, as may be fixed by
<br />the Director of Finance in his certificate awarding the Notes at private
<br />sale, such interest to be payable at maturity, with provision, if re-
<br />quested by the purchaser, that, in the event of default, the same shall
<br />bear interest at a rate or rates not exceeding the maximum interest rate
<br />permitted by law until the principal sum is paid; shall be dated June I,
<br />1984; shall mature on May 31, 1985; shall not be subject to redemption
<br />by the City at any time prior to maturitY, unless the original purchaser
<br />of the Notes requests that the Notes provide for such redemption, in
<br />which case provision shall be made for calling the Notes for redemption
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