40-92 Bonds $210,000 - Little Links, bandstand, pavilion

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TO FINANCE COMMITTEE on 5/4/92. PLACED ON SECOND READING ON 5/18/92. ORDINANCE NO. 4 0 - 9 2 By: Gallagher, Gibbons, Roth, Seelie, Smith AN EMERGENGY ORDINANCE to provide for the issuance of $210,000 bonds of the City of Lakewood, Ohio for the purpose of improving parks by installing playground safety surfaces, constructing a miniature golf facility and bandstand and remodeling a pavilion. WHEREAS, this Council has determined it to be necessary to issue the bonds herein authorized to provide funds to retire outstanding bond anticipation notes maturing on June 26, 1992; and WHEREAS, the Fiscal Officer has certified to the maximum maturity of the bonds proposed to be issued; and WHEREAS, this Ordinance is an emergency measure which is necessary fOr the immediate preservation of the public peace, property, health, safety and welfare in the City and for the further reason that the immediate issuance and sale of the bonds herein authorized is necessary to obtain favorable terms of the bonds in a fluctuating bond market; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood, Cuyahoga County, Ohio: SECTION 1. It is hereby declared necessary to issue bonds (hereinafter called the "Bonds") of the City of Lakewood in the principal sum of $210,000 for the purpose of improving parks by installing playground safety surfaces, constructing a miniature golf facility and bandstand and remodeling a pavilion. SECTION 2. The Bonds shall be issued in one lot and notes have been issued in anticipation of the Bonds. The Bonds may be issued in the denomination of $50 or any integral multiple of $50, but in no case as to a particular maturity date exceeding the principal amount maturing on that date. The Bonds initially issued shall be dated as of June 15, 1992, and the Bonds subsequently issued shall be dated as of the date of authentication by the Registrar (as hereinafter defined). The Bonds shall bear interest at the rate or rates of interest (computed on a 360-day per year basis) as specified in a certificate of award which shall be signed by the Fiscal Officer and provide for the award of the Bonds in accordance with Section 5 of this ordinance (the "Certificate of Award"). Interest on the Bonds shall be payable on June 1 and December 1 of each year (the Interest Payment Dates), commencing December 1, 1992, until the principal amount has been paid or provided for. The Bonds of any one maturity shall bear the same rate Of interest. A particular Bond shall bear interest from the Interest Payment Date next preceding its date or, if dated as of an Interest Payment Date, from that Interest Payment Date, except that (i) if dated prior to December 1, 1992 then from June 15, 1992, and (ii) a Bond dated between a Record Date and the Interest Payment Date to which that Record Date pertains shall bear interest from that Interest Payment Date. "Fiscal Officer" as used in this Ordinance means the City's Director of Finance, Assistant Director of Finance, Acting Director of Finance or Director of Public Works. SECTION 3. The Bonds shall bear interest (computed on a 360-day per year basis) at rate or rates not to exceed nine per.centum (9%) per annum for any stated maturity. The Bonds shall matu.re serially on December 1 on each of the years 1993 through 2010, inclusive, in such principal amounts as may be fixed by the Fiscal. Officer in the Certificate of Award, provided, that the Bonds stated to mature in any year may be issued as term bonds stated to mature on December 1, 2010 (the "Term Bonds") and payable on December 1 in the year and principal amount stated above (a "Mandatory Redemption Date") pursuant to Mandatory Sinking Fund Redemption Requirements as hereinafter defined and further described below. The Fiscal Officer shall determine in the Certificate of Award whether any of the Bonds shall be issued as Term Bonds and any Mandatory Redemption Dates on which