96-86 Traffic Signal BAN $32,000

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ORDINANCE NO. 96-86 By: Chinnock, Gallagher, Graham, 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 paying costs of acquiring and installing traffic signal devices and necessary appurtenances thereto. WHEREAS, pursuant to Ordinance No. 76-85 passed October 7, 1985, the Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in the principal amount of $160,000 for the purpose hereinafter stated, which notes are dated OctOber 17, 1985 and will mature on October 17, 1986; and WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the equipment hereinafter mentioned is at least five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is twenty- five (25) years and that the maximum maturity of notes issued in antici- pation of said bonds is twenty (20) years from the date of issuance of the original notes, or one (1) year if sold privately; and WHEREAS, the Council of the City has determined that $32,000 is now available to apply against the principal of said notes and that after the application of said $32,000 to the payment thereof, the remaining outstanding principal of said notes (to wit, $128,000) shall be funded by the issuance of new notes in anticipation of the issuance of bonds for the purpose hereinafter stated; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety amd welfare in the City and for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to prevent traffic casualties and fatalities involving the citizens of and the visitors to the City; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $128,000 for the purpose of paying costs of acquiring and installing traffic signal devices and necessary appurtenances thereto. Section 2. That said bonds shall be dated approximately August 1, 1987, 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-five (25) substantially equal annual installments after their issuance. Section 3. That it is hereby determined that notes (herein- after called the "Notes") in the principal amount of $128,000 shall be issued in anticipation of the issuance of said bonds for the above- described purpose. The Notes shall bear interest at a rate or rates not exceeding the maximum interest rate of fifteen per centum (15%) per annum, as may be fixed by the Director of Finance in his certificate awarding the Notes at private sale, such interest to be payable at