Laserfiche WebLink
ORDINANCE NO. 86-88 <br /> <br />By: <br /> <br />Brown, Chinnock, Gal lagher, <br />Gazzana, George, Graham <br /> <br /> AN EMERGENCY ORDINANCE to provide for $100,000 Park Improve- <br />ment Bond Anticipation Notes - 1988 Renewal of the City of Lakewood, <br />Ohio, in anticipation of the issuance of bonds for the purpose of <br />acquiring and improving real estate for a municipal park. <br /> <br /> WHEREAS, pursuant to Ordinance No. 78-87 passed September 8, <br />1987, this Council authorized the issuance of notes in anticipation of <br />the issuance of bonds in the principal amount of $120,000 for the <br />purpose hereinafter stated, which notes were dated December 15, 1987, <br />and will mature on December 15, 1988; and <br /> <br /> WHEREAS, the Council of the City has determined that the <br />amount of $20,000 is now available to apply against the principal of <br />said notes and that after the application of said $20,000 to the payment <br />thereof, the remaining outstanding principal amount of said notes (to <br />wit, $100,000) shall be funded by the issuance of new notes -in <br />anticipation of the issuance of bonds for the purpose hereinafter <br />stated; and <br /> <br /> WHEREAS, the Director of Finance, as fiscal officer, has <br />certified to this Council that the estimated life of the improvement <br />hereinafter mentioned is at least five (5) years and has further certi- <br />fied the maximum maturity of the hereinafter mentioned bonds is at least <br />ten (10) years and that the maximum maturity of notes issued in <br />anticipation of said bonds is twenty (20) years from the date of <br />issuance of the 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 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. It is hereby declared necessary to issue bonds of <br />the City of Lakewood in the principal amount of $100,000 for the purpose <br />of acquiring and improving real estate for a municipal park. <br /> <br /> Section 2. Said bonds shall be dated approximately December 1, <br />1989, shall bear interest at the estimated rate of ten per centum (10%) <br />per annum, payable semi-annually, until the principal sum is paid, and <br />shall mature in ten (10) substantially equal annual installments after <br />their issuance. <br /> <br /> Section 3. It is hereby determined that notes (hereinafter <br />called the "Notes") in the principal amount of $100,000 shall be issued <br />in anticipation of the issuance of said bonds for the above-described <br />purpose. The Notes shall hear interest at such rate or rates not <br />exceeding the maximum i~terest rate of fifteen per centum (15%) per <br />annum, as may be fixed by the Director of Finance in his certificate <br />awarding the Notes, such interest to be payable at maturity; shall be <br />dated December 15, 1988 and shall mature December 15, 1989; shall not be <br />subject to redemption by the City at any time prior to maturity; shall <br /> <br /> <br />