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ORDINANCE NO . 5 2 - 8 9
<br />
<br /> By: Brown, Chinnock, Gallagher,
<br />GaZzana, George, Graham, Wendling
<br />
<br /> AM EMERGENCY ORDINANCE to provide for $1,020,000 Foster Pool
<br />Improvement Bond Anticipation Notes - 1989 Renewal of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds, for the
<br />purpose of paying the costs of improving swimming pool facilities at
<br />Foster Pool by rehabilitating and equipping the existing bath house,
<br />replacing the pool drainage system, pool decking, wading pool and
<br />filtration system and improving the site thereof.
<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
<br />certified the maximum maturity of the hereinafter mentioned bonds is
<br />twenty-one (21) 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, pursuant to Ordinance No. 76-86 passed July 21, 1986,
<br />the Council of the City authorized notes in anticipation of the issuance
<br />of bonds in the principal amount of $1,200,000 for the purpose
<br />hereinafter stated, which notes were dated August 26, 1986 and matured
<br />on August 26, 1987, which notes were retired with funds of the City in
<br />the amount of $60,000 and with the proceeds of notes in the principal
<br />amount of $1,140,000, which notes were dated August 26, 1987 and matured
<br />on August 26, 1988, which notes were retired with the funds of the City
<br />in the amount of $60,000 and with the proceeds of notes in the principal
<br />amount of $1,080,000, which notes are dated August 26, 1988 and will
<br />mature on August 25, 1989; and
<br />
<br /> WHEREAS, the Council of the City has determined that $60,000
<br />is now available to apply against the principal of said notes and that
<br />after the application of said $60,000 to the payment thereof, the
<br />remaining outstanding principal of said notes (to wit, $1,020,000) 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
<br />necessary to provide funds to retire the outstanding notes which are
<br />about to 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 $1,020,000 for
<br />the purpose of paying the costs of improving swimming pool facilities at
<br />Foster Pool by rehabilitating and equipping the existing bath house,
<br />replacing the pool drainage system, pool decking, wading pool and
<br />filtration system and improving the site thereof.
<br />
<br /> Section 2. That said bonds s~all be dated approximately
<br />August 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-one (21) substantially equal annual
<br />installments after their issuance.
<br />
<br /> Section 3. That it is hereby determined that notes
<br />(hereinafter called the "Notes") in the principal amount of $1,020,000
<br />
<br />
<br />
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