83-90 Real Estate Acquisition Notes $1,500,000

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ORDINANCe, NO. 8 3 - 9 0 By: B0scia, Gallagher, Gazzana, George, Graham, Smith AN EMERGENCY ORDINANCE to provide for $1,500,000 Real Estate Acquisition Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipa- tion of the issuance of bonds for the purpose of constructing roadways and installing water mains, sanitary and storm sewers and sidewalks and all necessary appurtenances thereto, improving sites for off-street parking of motor vehicles and a park and acquiring real estate therefor. WHEREAS, this Council desires to exercise its powers pursuant to Sections 3, 7 and 10 of Article XVIII of the Ohio Constitution to acquire and improve real estate and issue the notes hereinafter authorized for such purpose; and WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvement hereinafter mentioned is at least five (5) years and has further certified the maximum maturity of the hereinafter mentioned bonds is at least twenty (20) years and that the maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the date of issuance of the original notes; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the further reason that the immediate acquisition and improvement of the real estate is necessary in order to reduce costs to the City in a fluctuating market; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $1,500,000 for the purpose of constructing roadways and installing water mains, sanitary and storm sewers and sidewalks and all necessary appurtenances thereto, improving sites for off- street parking of motor vehicles and a park and acquiring real estate therefor. Section 2. Said bonds shall be dated approximately October 1, 1991, shall bear interest at the estimated rate of ten per centum (10%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty (20) annual installments after their ismuance. Section 3. It is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $.1,500,000 shall be issued in anticipation of the issuance of said bonds for the above-described purpose. The Notes shall bear interest at such rate not exceeding the maximum interest rate of ten per centum (10%) per annum, as may be fixed by the Director of Finance in her certificate awarding the Notes at private sale, such interest to be payable at maturity with provision, if requested by the original purchaser, that, in the event of default, the same shall bear interest at a rate not exceeding the maximum interest rate of ten per centum (10%) per annum until the principal sum is paid; shall be dated their date of issuance and shall mature one year from such date; shall be subject to redemption by the City at any time prior to maturity; and shall be payable as to both principal and interest at the offices of the Director of'Finance of the City, or at banks or trust companies, as determined by the Director of Finance, without deduction for exchange, collection or service charge. Section 4. The Notes shall set forth the purpose for which they are issued; shall state that they are issued pursuant to this ordinance; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be executed by the Mayor and Director of Finance, provided that one of such signatures may be a facsimile signature.