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ORDINANCE NO. 69-87
<br />
<br />By: Brown, Chinnock, Gallagher,
<br /> Graham, McBride, Salmon, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $124,000 Motorized
<br />Equipment Bond Anticipation Notes - 1987 Renewal of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds, for the
<br />purpose of purchasing a fire truck and other motorized equipment.
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the equipment
<br />hereinafter mentioned is at least five (15) years and has further certi-
<br />fied the maximum maturity of the hereinafter mentioned bonds is seven
<br />(7) 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, pursuant to Ordinance No. 89-84 passed September 4,
<br />1984, this Council authorized the issuance of notes in anticipation of
<br />the issuance of bonds in the aggregate principal amount of $310,000 for
<br />the purpose hereinafter stated, which notes were dated September 28,
<br />1984 and matured on September 27, 1985, which notes were renewed in the
<br />principal amount of $248,000 authorized by Ordinance No. 66-85 passed on
<br />September 3, 1985, which notes were dated September 20, 1985 and matured
<br />on August 26, 1986, which notes were renewed in the principal amount of
<br />$186,000 authorized by Ordinance No. 84-86 passed on July 21, 1986,
<br />which notes are dated August 26, 1986 and will mature on August 26,
<br />1987; and
<br />
<br /> WHEREAS, the Council of the City has determined that $62,000
<br />is now available to apply against the principal of said notes and that
<br />after the application of said $62,000 to the payment thereof, the
<br />remaining outstanding principal of said notes (to wit, $124,000) shall
<br />be funded by the issuance of new notes in anticipation of the issuance
<br />of bonds for the purpose hereinafter stated; 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. That it is hereby declared necessary to issue
<br />bonds of the City of Lakewood in the principal amount of $124,000 for
<br />the purpose of purchasing a fire truck and other motorized equipment.
<br />
<br /> Section 2. That said bonds shall be dated approximately
<br />August 1, 1988, 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 seven (7) substantially equal annual in-
<br />stallments after their issuance.
<br />
<br /> Section 3. That it is hereby determined that notes (herein-
<br />after called the "Notes") in the principal amount of $124,000 shall be
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