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ORDINANCE NO. 57-89 By:
<br />
<br />Brown, Gallagher, Gazzana,
<br />George, Graham
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $32,000 Traffic
<br />Signalization 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 costs of acquiring and installing traffic signal
<br />devices and necessary appurtenances thereto.
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the equipment
<br />hereinafter mentioned is at least five (5) years and has further certi-
<br />fied the maximum maturity of the hereinafter mentioned bonds is twenty-
<br />five (25) years and that the maximum maturity of notes issued in antici-
<br />pation of said bonds is twenty (20) years from the date of issuance of
<br />the original notes, or one (1) year if sold privately; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 76-85 passed October 7,
<br />1985, the Council of the City authorized the issuance of notes in
<br />anticipation of the issuance of bonds in the principal amount of
<br />$160,000 for the purpose hereinafter stated, which notes were dated
<br />November 14, 1985 and matured on October 17, 1986, which notes were
<br />retired with funds of the City in the amount of $32,000 and with the
<br />proceeds of notes in the principal amount of $128,000, which notes were
<br />dated October 17, 1986 and matured on August 26, 1987, which notes were
<br />retired with the funds of the City in the amount of $32,000 and with the
<br />proceeds of notes in the principal amount of $96,000, which notes were
<br />dated August 26, 1987 and matured on August 26, 1988, which notes were
<br />retired with funds of the City in the amount of $32,000 and with the
<br />proceeds of notes in the principal amount of $64,000, which notes are
<br />dated August 26, 1988 and will mature on August 25, 1989; and
<br />
<br /> ~EREAS, the Council of the City has determined that $32,000
<br />is now available to apply against the principal of said notes and that
<br />after the application of said $32,000 to the payment thereof, the
<br />remaining outstanding principal of said notes (to wit, $32,000) shall be
<br />funded by the issuance of new notes in anticipation of the issuance of
<br />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 $32,000 for the
<br />purpose of paying costs of acquiring and installing traffic signal
<br />devices and necessary appurtenances thereto.
<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 semi-annually, until the principal sum
<br />is paid, and shall mature in twenty-five (25) substantially equal annual
<br />installments after their issuance.
<br />
<br /> Section 3. Tha~ ~ is hereby determined that notes (herein-
<br />after called the "Notes") i~~ the principal amount of $32,000 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 inter~st rate of fifteen per centum (15%) per
<br />
<br />
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