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ORDINANCE
<br />
<br />By: Gatla~her, George, Gibbons,
<br /> Roth, Seelie, Smith
<br />
<br /> .~N ~IERGENCY ~RDIN~NCE to provide for the' issuance of not to exceed
<br />$.500,000 Lake House Sreak~all Bond Anticipation Notes of the City of Lakewood,
<br />Ohio, in anticipation of the issuance of bonds for The purpose of paying the
<br />property o~ners' portion, in anticipation of the lew and collection of special
<br />assessments, of the cost of improving an easement, of the City of Lakewood by
<br />constructing thereon a breakwall with concrete modules, fill and end return.
<br /> ~,-HERL~S. the Fiscal Officer has certified to this Council than the
<br />estimated life of the improvements hereinafter mentioned is at least five (5)
<br />years and has further certified the maximum maturity of the hereinafter mentioned
<br />bonds is twenty (20) ~ears and that the maximum maturity of notes issued in
<br />anticipation Of said bgnds is twenty (20) years from the date of issuance of the
<br />original notes: and
<br />
<br /> k~ERL~S, this ordinance is an emergency measure which is necessary
<br />for the immediate oreserx~a~ion 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 protect the property and
<br />health of the residents of the City which are. endangered by the continuing
<br />erosion of the Lake Erieshoreiine which undermines houses, water lines, sanitary
<br />sewers and streets:
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br /> County, Ohio:
<br />
<br /> Section !. . It is hereby declared necessary to issue bonds of the
<br /> City of Lakewood in the principaI amount of. not to'exceed $500,000 for the
<br /> purpose of paying the property owners" portion, in anticipation of the levy and
<br /> collection of special assessments, of the cost of improving an approximately
<br /> twenty (20) foot wide easement with its northern boundary located aPproximately
<br /> twenty (20) feet north of the currently existing, southerly shore of Lake Erie in
<br /> an area now submerzed lands but formerly a part of the lots on the northerly side
<br /> of Edgewater Drive from the easterly line of property now or formerly owned by
<br /> the Unit O,~ners of the Lake House Condominium as tenants in common, and assigned
<br /> as its address 11850 Edgewater Drive, westerly approximately 330 feet to the
<br /> westerly line of said property, as set forth in Resolution No. 6637-91 passed on
<br /> September 16, 1991.
<br />
<br /> Section 2. Said bonds shall be dated approximately June 1, 1993,.
<br /> shall bear interest at the estimated rate of seven and one-half per centum (7-
<br /> 1/2%) per annum, payable semi-annually, until the principal sum is paid, and
<br /> shall mature in twenty (20) annual installments after their issuance.
<br /> Section 3. It is hereby determined ~that notes '(hereinafter called'
<br /> the "Notes") in the principal amount of not to exceed $500,000 shall be issued
<br /> in anticipation of the issuance of said bonds for the above-described purpose.
<br /> The Notes shall bear interest at a rate not exceeding the maximum interest rate
<br /> of ten per centum (10%) per annum, as may be fixed by the Fiscal Officer in his
<br /> certificate awarding the Notes, such interest to be payable at maturity, with
<br /> provision, if requested bY the purchaser, that, in the event of default, the same
<br /> shall bear interest at a~rate not exceeding the maximum interest rate of ten per
<br /> centum (10%) per annum until the principal sum is paid; shall be dated their date
<br /> of issuance and shall mature on a date between six months and twelve months from
<br /> such date, as determined by the Fiscal Officer; 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 i~terest at the office 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.
<br />
<br /> Section ~. Pursuant to Section 133.30(B), Ohio Revised Code, the
<br /> Fiscal Officer may combine the Notes with other notes into a single consolidated
<br />
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