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ORDINANCE NO. 77-90
<br />
<br />By.' Boscia, G~agher, Gazzana,
<br /> George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCYORDINANCE to provide for $50,000 Park Improvement Bond
<br />Anticipation Notes - 1990 Renewal of the City of Lakewood, Ohio, in anticipation
<br />of the issuance of bonds for the purpose of acquiring and improving real estate
<br />for a municipal park.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 78-87 passed September 8, 1987,
<br />this Council authorized the issuance of notes in anticipation of the issuance
<br />of bonds in the principal amount of $120,000 for the purpose hereinafter stated,
<br />which notes were dated December 15, 1987, and matured on December 15, 1988, which
<br />notes were renewed by notes in the principal amount of $100,000 authorized by
<br />Ordinance No. 86-88 passed November 7, 1988, which notes were dated December 15,
<br />1988 and matured on December 15, 1989, which notes were retired with funds of
<br />the City in the amount of $25,000 and with the proceeds of notes in the principal
<br />amount of $75,000, which notes are dated December 15, 1989 and will mature on
<br />October 12, 1990; and
<br />
<br /> WHEREAS, the Council of the City has determined that the amount of
<br />$25,000 is now available to apply against the principal of said notes and that
<br />after the application of said $25,000 to the payment thereof, the remaining
<br />outstanding principal amount of said notes (to wit, $50,000) shall be funded by
<br />the issuance of new notes in anticipation of the issuance of bonds for the
<br />purpose hereinafter stated; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has certified
<br />to this Council that the estimated life of the improvement hereinafter mentioned
<br />is at least five (5) years and has further certified the maximum maturity of the
<br />hereinafter mentioned bonds is at least ten (10) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is twenty (20) years from
<br />the date of issuance of the original notes; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which is necessary
<br />for the immediate preservation of the public peace, property, health, safety and
<br />welfare in the City and for the further reason that the immediate issuance and
<br />sale of the notes herein authorized is necessary to provide funds to retire the
<br />outstanding notes which are about to mature and thereby protect the credit of
<br />the City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of the
<br />City of Lakewood in the principal amount of $50,000 for the purpose of acquiring
<br />and improving real estate for a municipal park.
<br />
<br /> Section 2. Said bonds shall be dated approximately October 1, 1991,
<br />shall bear interest at the estimated rate of ten per centum (10%) per annum,
<br />payable semi-annually, until the principal sum is paid, and shall mature in ten
<br />(10) annual installments after their issuance.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter called
<br />the "Notes") in the principal amount of $50,000 shall be issued in anticipation
<br />of the issuance of said bonds for the above-described purpose. The Notes shall
<br />bear interest at such rate not exceeding the maximum interest rate of ten per
<br />centum (10%) per annum, as may be fixed by the Director of Finance in her
<br />certificate awarding the Notes at private sale, such interest to be payable at
<br />maturity with provision, if requested by the original purchaser, that, in the
<br />event of default, the same shall bear interest at a rate not exceeding the
<br />maximum interest rate of ten per centum (10%) per annum until the principal sum
<br />is paid; shall be dated October 12, 1990 and shall mature October 11, 1991;
<br />shall not be subject to redemption by the City at any time prior to maturity;
<br />and shall be payable as to both principal and interest at the offices of the
<br />Director of Finance of the City, or at banks or trust companies, as determined
<br />
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