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ORDINANCE NO. 34-89
<br />
<br />By: Brown, Chinnock, Gallagher, Gazzana,
<br /> George, Graham, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $1,200,000 1989 Water
<br />System Improvement Bond Anticipation Notes of the City of Lakewood,
<br />Ohio, in anticipation of the issuance of bonds, for the purpose of
<br />replacing water mains, fire hydrants and curb connections in certain
<br />streets in the City of Lakewood, together, with the necessary appurte-
<br />nances thereto.
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the improvements
<br />hereinafter mentioned is at least five (5) years and has further certi-
<br />fied the maximum maturity of the hereinafter mentioned bonds is forty
<br />(40) 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, 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 construct water system improvements urgently
<br /> needed to protect the health and property of the citizens of the City;
<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 $1,200,000 for
<br /> the purpose o~ replacing water mains, fire hydrants and curb connections
<br /> in certain streets in the City of Lakewood, together with the necessary
<br /> appurtenances thereto.
<br />
<br /> Section 2. That said bonds shall be dated approximately
<br /> June 1, 1990, 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 twenty (20) 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 $1,200,000 shall be
<br /> issued in anticipation of the issuance of said bonds for the above-
<br /> described purpose. The Notes shall bear interest at a rate or rates not
<br /> exceeding the maximum interest 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 at private sale, such interest to be payable at
<br /> maturity, with provision, if requested by the purchaser, that, in the
<br /> event of default, the same shall bear interest at a rate or rates not
<br /> exceeding the maximum interest rate of fifteen per centum (15%) per
<br /> annum until the principal sum is paid; shall be dated their date of
<br /> issuance and shall mature one year from said date; shall not be subject
<br /> to redemption by the City at any time prior to maturity; shall be desig-
<br /> nated"1989 Water System Improvement Bond Anticipation Notes"; shall be
<br /> issued in such numbers and denominations as may be requested by the
<br /> original purchaser; and shall be payable as to both principal and
<br /> interest at the office of the Director of Finance of the City, or at
<br /> banks or trust companies, as determined by the Director of Finance,
<br /> without deduction for exchange, collection or service charge.
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