54-89 Anticipation Notes $280,500 Motorized Equip

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ORDINANCE NO. 54-89 By: Brown, Gallagher, Gazzana, George, GrahaTM AN EMERGENCY ORDINANCE to provide for $280,500 1989 Motorized Equipment Bond Anticipation Notes ~of the City of Lakewood, Ohio, in anticipation of the issuance of bonds, for the purpose of purchasing motorized equipment. WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the equipment hereinafter mentioned is at least five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is five (5) 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 funds to support contracts for the purchase of such equipment; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF LAKEWOOD, CUYAHOGA COUNTY, OHIO: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $280,500 for the purpose of purchasing motorized equipment. · .... Section 2. That said bonds shall be dated approximately August 1, 1990, 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 five (5) substantially equal annual in- stallments after their issuance. Section 3. That it is hereby determined that notes (herein- after called the "Notes") in the principal amount of $280,500 shall be issued in anticipation of the issuance of said bonds for the above- described purpose. The Notes shall bear interest, at a 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 at private sale, such interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a rate or rates not exceeding fifteen per centum (15%) per annum until the principal sum is paid; shall be dated August 25, 1989; shall mature August 24, 1990; shall not be subject to redemption by the City at any time prior to maturity; shall be designated "1989 Motorized Equipment Bond Anticipa- tion 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 banks or trust companies, as determined by the Director of Finance, without deduction for exchange, collection or service charge. Section 4. That 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 thereof. The Notes shall express upon their faces the purpose for which they are issued and that they~are issued pursuant to this ordinance. Section 5. Subjec~ to th~ rejection of the Notes by the Director of Finance for investment in the Bond Retirement Fund, the Notes shall be sold at the par value thereof by the Director of Finance at private sale at an interest rate not exceeding that specified in