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ORDINANCE NO. 7 9 - 91
<br />
<br />ByBoscia, Gallagher, Gazzana,
<br /> George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $148,000 1988 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 constructing and
<br />renovating storm and sanitary sewer lines and any necessary appurtenances
<br />thereto. . .
<br />
<br /> WHEREAS, pursuant to Ordinance No. 88-88 passed November 7, 1988,
<br />this Council authorized the issuance of notes in anticipation of bonds in the
<br />principal amount of $270,000 for the purpose hereinafter stated, which notes were
<br />dated December 15, 1988 and matured on December 15, 1989, which notes were
<br />retired with funds of the City in the amount of $55,000 and with the proceeds of
<br />notes in the principal amount.of $215,000, which notes were dated December 15,
<br />1989 and matured on October 12, 1990, which notes were retired with funds of the
<br />City in the amount of $54,000 and with the proceeds of notes in the principal
<br />amount of $161,000, which notes are dated October 12, 1990 and will mature on
<br />October 11, 1991; and~
<br />
<br /> WHEREAS, the Council of the City determined that the amount of
<br />$13,000 is now available to apply against the principal of said notes and that
<br />after the application of said $13,000 to the payment thereof, the remaining
<br />outstanding principal amount of said notes (to wit, $148,000) shall be funded by
<br />the issuance of new notes in anticipation of the issuance of bonda for the
<br />purpose hereinafter stated; and
<br />
<br /> WHEREAS, the Fiscal Officer (as hereinbelow defined) has certified
<br />to this C0~ncil 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 at least twenty (20) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is twenty (20) years from
<br />the date 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 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 $148,000 for the purpose of
<br />constructing and renovating storm and sanitary sewer lines and any necessary
<br />appurtenances thereto.
<br />
<br /> Section 2. Said bonds shall be dated approximately October 1, 1992,
<br />shall bear interest at the estimated rate of eight per centum (8%) 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 $148,000 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 eight per
<br />centum (8%) per annum, as may be fixed by the Fiscal Officer in his certificate
<br />awarding the Notes at private sale, such interest to be payable at maturity with
<br />provision, if requested by the original purchaser, that~ in the event of default,
<br />the same shall bear interest at a rate not exceeding the maximum interest rate
<br />of eight per centum (8%) per annum until the principal sum is paid; shall be
<br />dated October 1!, 1991 and shall mature October 9, 1992; 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 offices of the Fiscal Officer of the City, or
<br />at banks or trust companies, as determined by the Fiscal Officer~ without
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