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ORDINANCE NO. 82-~)0
<br />
<br />By: Boscia, Gattagh~, Gazzana,
<br /> George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $485,000 Real Estate
<br />Acquisition Bond Anticipation Notes - 1990 Second Renewal of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of
<br />acquiring real estate for municipal purposes.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 8-89 passed March 6, 1989, this
<br />Council authorized the issuance of notes in the anticipation of the issuance of
<br />bonds in the principal amount of $485,000 for the purpose hereinafter stated,
<br />which notes were dated March 28, 1989, and matured on March 28, 1990, which notes
<br />were retired with the proceeds of notes in the amount of $485,000, which notes
<br />are dated March 28, 1990 and will mature October 12, 1990; and
<br />
<br />and
<br />
<br />WHEREAS, this Council has determined to renew said notes at maturity;
<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 thirty (30) years and that the maximum maturity
<br />of notes issued in anticipation of said bonds is twenty (20) years from the date
<br />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 $485,000 for the purpose of acquiring
<br />real estate for municipal purposes.
<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
<br />twenty (20) 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 $485,000 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; shall
<br />not be subject to redemption by the City at any time prior to maturity; and shall
<br />be payable as to both principal and interest at the offices of the Director of
<br />Finance of the City, or at banks or trust companies, as determined by the
<br />Director of Finance, without deduction for exchange, collection or service
<br />charge.
<br />
<br /> Section 4. Pursuant to Section 133.30(B), Ohio Revised Code, the
<br />Director of Finance may combine the Notes with other notes into a single
<br />consolidated issue of notes for purposes of their sale as a single issue, to be
<br />designated "Various Purpose General Obligation Bond Anticipation Notes - 1990
<br />Renewal, Series B"; such notes shall contain a summary statement of purposes
<br />
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