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· ORDINANCE NO. 2 5-9 0 BY:
<br />
<br />Boscia, Gallagher, Gazzana,
<br />George, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $100,000
<br />Bunts Road Improvement Bonds of the City of Lakewood, Ohio, for the
<br />purpose of paying the City's portion of the cost of improving, in
<br />cooperation with the Director of Transportion of the State of Ohio,
<br />Bunts Road from Lakewood Heights Boulevard to Clifton Boulevard in the
<br />City of Lakewood, Ohio, by reconstruction of the roadway, replacing
<br />curbing, installing handicapped ramps, together with the necessary
<br />appurtenances thereto.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 24-89 passed April 17,
<br />1989, this Council authorized the issuance of notes in anticipation of
<br />the issuance of bonds in the principal amount of $125,000 for the pur-
<br />pose hereinafter stated, which notes were dated May 12, 1989, and will
<br />mature on May 11, 1990; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to the maximum maturity of the bonds proposed to be issued and
<br />as to the estimated life of the improvements so constructed; 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 and for the further reason that the immediate
<br />issuance and sale of the bonds herein authorized is necessary to provide
<br />funds to retire the presently outstanding bond anticipation notes at
<br />maturity;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds
<br />(hereinafter called the "Bonds") of the City of Lakewood in the princi-
<br />pal amount of $100,000 for the purpose of paying the City's portion of
<br />the cost of improving, in cooperation with the Director of Transportion
<br />of the State of Ohio, Bunts Road from Lakewood Heights Boulevard to
<br />Clifton Boulevard in the City of Lakewood, Ohio, by reconstruction of
<br />the roadway, replacing curbing, installing handicapped ramps, together
<br />with the necessary appurtenances thereto.
<br />
<br /> Section 2. Said Bonds shall be dated May 1, 1990; shall be
<br />numbered and in such denominations as determined by the Director of
<br />Finance; and shall bear interest from their respective dates at such
<br />rate or rates not exceeding the maximum interest rate of ten per centum
<br />(10%) per annum, as may be fixed by the Director of Finance in her
<br />certificate awarding the Bonds at private sale, payable semiannually on
<br />the first day of June and the first day of December of each year (the
<br />"Interest Payment Dates"), beginning December 1, 1990, until the
<br />principal sum is paid. Such Bonds shall mature as follows: $20,000 on
<br />December 1 in each of the years from 1991 to 1995, inclusive.
<br />
<br /> Section 3. Pursuant to Section 133.30(B), Ohio Revised Code,
<br />the Director of Finance may combine the Bonds with other bonds into a
<br />single consolidated issue of bonds for purpose of their sale as a single
<br />issue, to be designated "Various Purpose General Obligation Bonds,
<br />Series 1990"; such bonds shall contain a summary statement of purposes
<br />encompassing the purpose for which the Bonds are issued; shall state
<br />that they are issued pursuant to this ordinance; shall be executed by
<br />the Mayor and by the Director of Finance, both of whose signatures may
<br />be facsimile signatures; shall be issued only in fully registered form;
<br />
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