08-89 Anticipation Notes $485K Real Estate Acquisition

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ORDINANCE NO. 8-89 By: Chinnock, Gallagher, Gazzana, George, Graham, Wendling AN EMERGENCY ORDINANCE to provide for $485,000 Real Estate Acquisition Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of acquiring real estate for municipal purposes. WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvement hereinafter mentioned is at least five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is thirty (30) 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 enable the City to consummate immediately the purchase of the real estate at a price beneficial to 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 $485,000 for the purpose of acquiring real estate for municipal purposes. Section 2. Said bonds shall be dated approximately March 1, 1990, shall bear interest at the estimated rate of ten per centum per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty (20) substantially equal annual installments after their issuance. Section 3. It is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $485,000 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 Directo~ 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 same date; shall not be subject to redemption by the City at any time prior to maturity; shall be designated "Real Estate Acquisition Bond Anticipation Notes"; shall be issued in such numbers and denominations 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. Section 4. The Notes shall be executed by the Mayor and Director of Finance, provided that one of such signatures may be a facsimile signature, and bear the seal of the corporation or a facsimile