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PLACED ON FIRST READING & REFERRED TO FINANCE CMTE
<br />7/1/91.
<br />
<br />ORDINANCE NO. 5 7 - 91
<br />
<br />By: Boscia, Gallagher, Gazzana,
<br /> George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $307,000 Sewer System
<br />Improvement Bond Anticipation Notes - 1991 Renewal of the City of Lakewood, Ohio,
<br />in anticipation of the issuance of bonds for the purpose of making improvements
<br />to the City's sewage treatment and disposal works and its ancillary systems°
<br />
<br /> WHEREAS, the Fiscal Officer (as hereinbelow defined) 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 forty (40) years and that the maximum maturity of
<br />notes issued in anticipation of said bonds is twenty (20) years from the date of
<br />issuance of the original notes; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 58-81 passed June 15, 1981, the
<br />Council of the City authorized the issuance of notes in anticipation of the'
<br />issuance of bonds in the principal, amount of $4,385,000 for the purpose
<br />hereinafter stated, which notes were dated August 6, 1981, and matured on August
<br />6, 1982, which notes were retired with funds of the City in the amount of $35,000
<br />and with the proceeds of notes in the principal amount of $4,350,000, which notes
<br />were dated August 6, 1982, and matured on August 5, 1983, which notes were
<br />retired with funds of the City in the amount of $350,000 and with the proceeds
<br />of notes in the principal amount of $4,000,000, which notes were datedAugust 5,
<br />1983, and matured on April 12, 1984, which notes were retired with the proceeds
<br />of notes in the principal amount of $4,000,000, which notes were dated March 16,
<br />1984, and matured on July 16, 1984, which notes ~ere retired with the proceeds
<br />of notes in the principal amount of $4,000,000, which notes were dated July 13,
<br />1984, and matured on December 14, 1984, which notes were retired with the
<br />proceeds of notes in the principal amount of $4,000,000, which notes were dated
<br />November 15, 1984 and matured on November 14, 1985, which notes were retired with
<br />funds of the City in the amount of $660,000 and with the prOceeds of notes in the
<br />principal amount of $3,340,000, which notes were dated November 14, 1985 and
<br />matured on October 17, 1986, which notes were retired with proceeds of notes in
<br />the principal amount of $2,740,000, which notes were dated October 17, 1986 and
<br />matured on August 26, 1987, which notes were retired with funds of the City in
<br />the amount of $600,000 and with proceeds of notes in the principal amount of
<br />$2,140,000, which notes were dated August 26, 1987 and matured on August 26,
<br />1988, which notes were retired with funds of the City in the amount of $600,000
<br />and with proceeds of notes in the amount of $1,540,000, which notes were dated
<br />AuguSt 26, 1988 and matured on August 25, 1989, which notes were retired with
<br />funds of the City in the amount of $600,000 and with proceeds of notes in the
<br />amount of $940,000, which notes were dated August 25, 1989 and matured on
<br />August 24, 1990, which notes were retired with funds of the City in the amount
<br />of $600,000 and with proceeds of notes in the principal amount of $340,000, which
<br />notes are dated August 24, 1990 and will mature on August 23, 1991; and
<br />
<br /> WHEREAS, the Council of the City has determined that $33,000 is now
<br />available to apply against the principal of said notes and that after the
<br />application of said $33,000 to the payment thereof, the remaining outstanding
<br />principal of said notes (to wit, $307,000) shall be funded by the issuance of new
<br />notes in anticipation of the issuance of bonds for the purpose hereinafter
<br />stated; and
<br />
<br /> WHEREAS, the Council of the City has determined that said notes shall
<br />be funded by the issuance of new notes in anticipation of the issuance of bonds
<br />for the purpose hereinafter stated; 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 the
<br />City;
<br />
<br />
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