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PLACED ON FIRST READING & REFERRED TO
<br />FINANCE COMMITTEE ON S/4/92.
<br /> PLACED ON SECOND READING on 5/18/92.
<br />
<br />ORDINANCE NO. 4 9 - 9 2 By:
<br />
<br />Boscia, Gallagher, George,
<br />Gibbons, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $600,000 bonds
<br />of the City of Lakewood, Ohio for the purpose of paying the City's portion of the
<br />cost of improving certain streets in the City of Lakewood, Ohio by removal, where
<br />necessary, of the existing surface course, by grading and replacement, where
<br />necessary, of the base, and by resurfacing with asphaltic concrete, including the
<br />necessary replacement and resetting of castings together with the necessary
<br />appurtenances thereto.
<br />
<br /> WHEREAS, the Fiscal Officer has certified to the maximum maturity of
<br />the bonds proposed to be issued; 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 bonds H%rein authorized is necessary to obtain favorable terms of the
<br />bonds in a fluctuating bond market;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of
<br />Lakewood, Cuyahoga County, Ohio:
<br />
<br /> SECTION 1. It is hereby declared necessary to issue bonds
<br />(hereinafter called the "Bonds") of the City of Lakewood in the principal sum of
<br />$600,000 for the purpose of paying the City's portion of the cost of improving
<br />certain streets in the City of Lakewood, Ohio by removal, where necessary, of the
<br />existing surface course, by grading and replacement, where necessary, of the
<br />base, and by resurfacing with asphaltic concrete, including the necessary
<br />replacement and resetting of castings together with the necessary appurtenances
<br />thereto.
<br />
<br /> SECTION 2. The Bonds shall be issued in one lot and notes have not
<br />been issued in anticipation of the Bonds. The Bonds may be issued in the
<br />denomination of $50 or any integral multiple of $50, but in no case as to a
<br />particular maturity date exceeding the principal amount maturing on that date.
<br />The Bonds initially issued shall be dated as of June 15, 1992, and the Bonds
<br />subsequently issued shall be dated as of the date of authentication by the
<br />Registrar (as hereinafter defined).
<br />
<br />The Bonds shall bear interest at the rate or rates of interest
<br />(computed on a 360-day per year basis) as specified in a certificate of award
<br />which shall be signed by the Fiscal Officer and provide for the award of the
<br />Bonds in accordance with Section 5 of this ordinance (the "Certificate of
<br />Award"). Interest on the Bonds shall be payable on June 1 and December 1 of each
<br />year (the Interest Payment Dates), commencing December 1, 1992, until the
<br />principal amount has been paid or provided for. The Bonds of any one maturity
<br />shall bear the same rate of interest. A particular Bond shall bear interest from
<br />the Interest Payment Date next preceding its date or, if dated as of an Interest
<br />Payment Date, from that Interest Payment Date, except that (i) if dated prior to
<br />December 1, 1992 then from June 15, 1992, and (ii) a Bond dated between a Record
<br />Date and the Interest Payment Date to which that Record Date pertains shall bear
<br />interest from that Interest Payment Date. "Fiscal Officer" as used in this
<br />Ordinance means the City's Director of Finance, Assistant Director of Finance,
<br />Acting Director of Finance or Director of Public Works.
<br />
<br /> SECTION 3. The Bonds shall bear interest (computed on a 360-day per
<br />year basis) at rate or rates not to exceed nine per centum (9%) per annum for any
<br />stated maturity. The Bonds shall mature serially on December 1 on each of the
<br />years 1993 through 2012, inclusive, in such principal amounts as may be fixed by
<br />the Fiscal Officer in the Certificate of Award, provided, that the Bonds stated
<br />to mature in any year may be issued as term bonds stated to mature on December 1,
<br />2012 (the "Term Bonds") and payable on December 1 in the year and principal
<br />amount stated above (a "Mandatory Redemption Date") pursuant to Mandatory Sinking
<br />Fund Redemption Requirements as hereinafter defined and further described below.
<br />The Fiscal Officer shall determine in the Certificate of Award whether any of the
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