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ORDINANCE NO . 7 1-8 9
<br />
<br />By: Brown,
<br /> Gazzana, George, Graham, Wendlin~
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $75,000 Park Improvement
<br />Bond Anticipation Notes - 1989 Renewal of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of acquiring and
<br />improving real estate for a municipal park.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 78-87 passed September 8,
<br />1987, this Council authorized the issuance of notes in anticipation of
<br />the issuance of bonds in the principal amount of $120,000 for the pur-
<br />pose hereinafter stated, which notes were dated December 15, 1987, and
<br />matured on December 15, 1988, which notes are renewed annually, the most
<br />recent renewal being in the principal amount of $100,000 authorized by
<br />Ordinance No. 86-88 passed November 7, 1988, which notes were dated
<br />December 15, 1988 and will mature on December 15, 1989; and
<br />
<br /> WHEREAS, the Council of the City has determined that the
<br />amount of $25,000 is now available to apply against the principal of
<br />said notes and that after the application of said $25,000 to the payment
<br />thereof, the remaining outstanding principal amount of said notes (to
<br />wit, $75,000) shall be funded by the issuance of new notes in anticipa-
<br />tion of the issuance of bonds for the purpose hereinafter stated; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the improvement
<br />hereinafter mentioned is at least five (5) years and has further certi-
<br />fied the maximum maturity of the hereinafter mentioned bonds is at least
<br />ten (10) 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; 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. It is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal amount of $75,000 for the purpose
<br />of acquiring and improving real estate for a municipal park.
<br />
<br /> Section 2. Said bonds shall be dated approximately October 1,
<br />1990, shall bear interest at the estimated rate of ten per centum (10%)
<br />per annum, payable semi-annually, until the principal sum is paid, and
<br />shall mature in ten (10) annual installments after their issuance.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter
<br />called the "Notes") in the principal amount of $75,000 shall be issued
<br />in anticipation of the issuance of said bonds for the above-described
<br />purpose. The Notes shall bear interest at such 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, such interest to be payable at maturity; shall be
<br />dated December 15, 1989 and shall mature October 12, 1990; shall not be
<br />subject to redemption by the City at any time prior to maturity; shall
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