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ORDINANCE NO o 81 - 91
<br />
<br />By~oscia, Gallagher, Gazzana,
<br /> George, Graham, Roth, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $435,000 1989 Real Estate
<br />Acquisition Bond Anticipation Notes 1991 Renewal of the City of Lakewood, Ohio,
<br />in anticipation of the issuance of bonds for the purpose of acquiring real estate
<br />for municipal purposes.
<br />
<br /> .... WHEREAS, pursuant to Ordinance No. 8-89 passed March 6, 1989, this
<br />Council authorized the issuance of notes in the anticipation of the issuance of
<br />bonds in the principal amount of $485,000 for the purpose hereinafter stated,
<br />which notes were dated March 28,1989, and matured on March 28, 1990, which notes
<br />were retired with the proceeds of notes in the amount of $485,000, which notes
<br />were dated March 28, 1990 and matured October 12, 1~90, which notes were retired
<br />with the proceeds of notes in the amount of $485,000, which notes are dated
<br />October 12, 1990 and will mature October 11, 1991; and
<br />
<br />WHEREAS, the Council of the City has determined that the amount of
<br />$50,000 is now available to apply against the principal of said notes and that
<br />.after the application of said $50,000 to the payment thereof, the remaining
<br />outstanding princiPal amount of said notes (to wit $435,000) shall be funded by
<br />the issuance of new notes in anticipation of the issuance of bonds for the
<br />purpose hereinafter stated; and
<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 thirty (30) years and that the maximum maturity
<br />of notes issued in anticipation of said bonds is twenty (20) years from the date
<br />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 $435,000 for the purpose of acquiring
<br />real estate for municipal purposes.
<br />
<br /> Section 2o 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 $435,000 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 11, 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
<br />deduction for exchange, collection or service charge. ~'Fiscal Officer" as used
<br />in this ordinance means the City's Director of Finance, Assistant Director of
<br />Finance, Acting Director of Finance or Director of Public Works.
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