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ORDImU,~C~ NO. 6 5 - 9 0
<br />
<br />By: Gallagher, GaZzana, George,
<br /> Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $224,400 1989 Motorized
<br />Equipment Bond Anticipation Notes - 1990 Renewal of the City of Lakewood,
<br />Ohio, in anticipation of the issuance of bonds, for the purpose of
<br />purchasing motorized equipment.
<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 five (5)
<br />years and that the maximum maturity of notes issued in anticipation of
<br />said bonds is ten (10) years from the date of issuance of the original
<br />notes; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 54-89 passed July 17, 1989,
<br />the Council of the City authorized the issuance of notes in anticipation
<br />of the issuance of bonds in the Principal amount of $280,500 for the
<br />purpose hereinafter stated, which notes are dated August 25, 1989 and will
<br />mature on August 24, 1990; and
<br />
<br /> WHEREAS, the Council of the City has determined that $56,100
<br />is now available to apply against the principal of said notes and that
<br />after the application of said $56,100 to the payment thereof, the
<br />remaining outstanding principal of said notes (to wit, $224,400) 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 the
<br />immediate issuance and sale of the notes herein authorized is necessary
<br />to provide funds to retire the outstanding notes which are about to mature
<br />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 $224,400 for the
<br />purpose of purchasing motorized equipment.
<br />
<br /> Section 2. That said bonds shall be dated approximately
<br />August 1, 1991, shall bear interest at the estimated rate of ten per
<br />centum (10%) per annum, payable semi-annually, until the principal sum is
<br />paid, and shall mature in five (5) annual installments after their
<br />issuance.
<br />
<br /> Section 3. That it is hereby determined that notes (herein-
<br />after called the "Notes") in the principal amount ~f $224,400 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 interest rate of fifteen per centum (15%) per annum,
<br />as may be fixed by the Director of Finance in her certificate awarding the
<br />Notes at private sale, such interest to be payable at maturity, with
<br />provision, if requested by the purchaser, that, in the event of default,
<br />the same shall bear interest at a rate or rates not exceeding fifteen per
<br />centum (15%) per annum until the principal sum is paid; shall be dated
<br />August 24, 1990; shall mature August 23, 1991; shall not be subject to
<br />redemption by the City at any time prior to maturity, unless the original
<br />purchaser of the Notes requests that the Notes provide for such
<br />redemption, in which case provisions shall be made for calling the Notes
<br />
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