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ORDINANCE NO. 56-89 By:
<br />
<br />Brown, Gallagher, Gazzana,
<br />George, Graham
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $240,000 1988 Sidewalk
<br />Improvement Bond Anticipation Notes - Series B - 1989 Renewal of the
<br />City of Lakewood, Ohio, in anticipation of the issuance of bonds, for
<br />the purpose of paying the property owners' portion, in anticipation of
<br />the levy and collection of special assessments, and the City's portion
<br />of the cost of reconstructing and repairing certain concrete sidewalks
<br />in the City of Lakewood, Ohio.
<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 five (5)
<br />years and that the maximum maturity of notes issued in anticipation of
<br />said bonds is five (5) years from the date of issuance of the original
<br />notes, or one (1) year if sold privately; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 70-88 passed July 26, 1988,
<br />the Council of the City authorized the issuance of notes in anticipation
<br />of the issuance of bonds in the principal amount of $300,000 for the
<br />purpose hereinafter stated, which notes are dated August 26, 1988 and
<br />will 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, $240,000) 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 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. That it is hereby declared necessary to'issue
<br />bonds of the City of Lakewood in the principal amount of $240,000 for
<br />the purpose of paying the property owner's' portion ($96,000), in antici-
<br />pation of the levy and collection of special assessments, and the City's
<br />portion ($144,000) of the cost of reconstructing and repairing certain
<br />concrete sidewalks in the City of Lakewood, Ohio, in the manner and
<br />between the termini provided in Resolution No. 4771-70 duly adopted by
<br />the Council of the City on April 20, 1970.
<br />
<br /> Section 2. That said bonds shall be dated approximately
<br />August 1, 1990, shall bear interest at the estimated rate of ten per
<br />centum (10%) per annum, payable ~,~-annually, until the principal sum
<br />is paid, and shall mature in fiv~ ~5) 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 $240,000 shall be
<br />
<br />
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