76-87 Sewer Improvement BAN $800,000

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ORDINANCE NO. 76-87 By: Brown, Chinnock, Gallagher, Salmon, Wendling AN EMERGENCY ORDINANCE to provide for $800,000 1987 Sewer Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of constructing and renovating sewer lines and any necessary appurtenances thereto. WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvements 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 twenty (20) years from the date of issuance of the original 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 needed improvements to be City's sewage system in order to reduce health hazards to the inhabitants 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 constructing and renovating sewer lines and any necessary appurte- nances thereto. Section 2. Said bonds shall be dated approximately October 1, 1988, 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 thirty (30) 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. The Notes shall bear interest at such 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, such interest to be payable at maturity; shall be dated their date of issuance and shall mature one year from such date; shall not be subject to redemption by the City at any time prior to maturity, unless the original purchaser of the Notes requests that the Notes provide for such redemption, in which case provision shall be made for calling the Notes for redemption upon ten (10) days written notice to the original purchaser; shall be designated "1987 Sewer Improvement Bond Anticipation Notes"; shall be issued in such numbers and denomina- tions as may be requested by the original purchaser; and shall be payable as to both principal and interest at the offices of the Director of Finance of the City, or at banks or 'trust companies, as determined by the Director of Finance, without deduction for exchange, collection or service charge.