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PLACED ON FIRST READING & REFERRED TO FINANCE CMTE 7/1/91
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<br />ORDINANCE NO. 5 8- 91
<br />
<br />By:
<br />
<br />Boscia, Gallagher, Gazzana,
<br />George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $188,000 1989 Sewer Improvement
<br />Bond Anticipation Notes 1991 Renewal of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of reconstructing sanitary
<br />and storm sewer lines and any necessary appurtenances thereto.
<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. 55-89 passed July 17, 1989, the
<br />Council of the City authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $260,000 for the purpose hereinafter
<br />stated, which notes were dated August 25, 1989 and matured on August 24, 1990,
<br />which notes were retired with funds of the City in the amount of $52,000 and with
<br />the proceeds of notes on the principal amount of $208,000, which notes are dated
<br />August 24, 1990 and will mature on August 23, 1991; and
<br />
<br /> WHEREAS, the Council of the City has determined that $20,000 is now
<br />available to apply against the principal of said notes and that after the
<br />application of said $20,000 to the payment thereof, the remaining outstanding
<br />principal of said notes (to wit, $188,000) 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 /> 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 $188,000 for the purpose of
<br />reconstructing sanitary and storm sewer lines and any necessary appurtenances
<br />thereto.
<br />
<br /> Section 2. Said bonds shall be dated approximately August 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
<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 $188,000 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 Fiscal Officer in his 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 Fiscal Officer of the City, or
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