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PLACED ON FIRST READING and REFERRE
<br /> to FINANCE CMTE on 5/6/91.
<br />PLACED ON SECOND READING on 5/20/91.
<br />
<br />ORDINANCE NO. 4 2- 91
<br />
<br />By: Gallagher, George,
<br /> Graha.m, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $304,000
<br />Sidewalk Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of paying the property
<br />owners' portion, in anticipation of the levy and collection of special
<br />assessments ($75,000), and the City's portion ($229,000) of the cost of
<br />reconstructing and repairing certain concrete sidewalks in the City of Lakewood,
<br />Ohio.
<br /> WHEREAS, the Director of Finance, as fiscal officer, has certified
<br />to this Council that the estimated life of the improvements hereinafter mentioned
<br />is at least five (5) years and has further certified the maximum maturity of the
<br />hereinafter mentioned bonds is five (5) years and that the maximum maturity of
<br />notes issued in anticipation of said bonds is December 31, 1996; and
<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 for the
<br /> improvements urgently needed by the City;
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br /> County, Ohio:
<br />
<br /> Section %. It is hereby declared necessary to issue bonds of the
<br /> City of Lakewood in the principal amount of $304,000 for the purpose of paying
<br /> the property owners' portion, in anticipation of the levy and collection of
<br /> special assessments ($75,000), and the City's portion ($229,000) of the cost of
<br /> reconstructing and repairing certain concrete sidewalks in the City of Lakewood,
<br /> Ohio.
<br />
<br /> Section %. Said bonds shall be dated 'approximately June 1, 1992,
<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 five
<br /> (5) annual installments after their issuance.
<br /> Section 3. It is hereby determined that notes (hereinafter called
<br /> the "Notes") in the principal amount of $304,000 shall be issued in anticipation
<br /> of the issuance of said bonds for the above-described purpose. The Notes shall
<br /> bear interest at a rate 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 certificate
<br /> awarding the Notes, such interest to be payable at maturity, with provision, if
<br /> requested by the purchaser, that, in the event of default, the same shall bear
<br /> interest at a rate not exceeding the maximum interest rate of ten per centum
<br /> (10%) per annum until the principal sum is paid; shall be dated their date of
<br /> issuance; shall mature one year from such date; shall not be subject to
<br /> redemption by the City at any time prior to maturity; and shall be payable as to
<br /> both principal and interest at the office of the Director of Finance of the City,
<br /> or at banks or trust companies, as determined by the Director of Finance, without
<br /> deduction for exchange, collection or service 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, Series
<br /> 1991B"; such notes shall contain a summary statement of purposes encompassing the
<br /> purpose for which the Notes are issued; shall state that they are issued pursuant
<br /> to this ordinance; shall be issued in such numbers and denominations as may be
<br /> requested by the original purchaser; and shall be executed by the Mayor and
<br /> Director of Finance, provided that one of such signatures may be a facsimile
<br /> signature.
<br />
<br /> Section 5. The Notes shall be sold at not less than the par value
<br /> thereof in a manner determined by the Director of Finance to the purchaser
<br />
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