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PLACED ON FIRST READING & REFERRED
<br />TO FINANCE CMTE 5/18/92.
<br />
<br />ORDINANCE NO. .57-92
<br />
<br />By:
<br />
<br />Boscia, Gallagher, George,
<br />Gibbons, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCYORDINANCE to provide for the issuance of $900,000 Street
<br />Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of paying the property
<br />owners' portion, in anticipation of the levy and collection of special
<br />assessments ($240,000), and the City's portion ($660,000) of the cost of
<br />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, and installation of traffic signalization devices.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 39-91 passed June 3, 1991, the
<br />Council of the City authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $935,000 for the purpose hereinafter
<br />stated, which notes are dated June 26, 1991 and will mature June 26, 1992; and
<br />
<br /> WHEREAS, the Council of the City has determined that $35,000 is now
<br />available to apply against the principal of said notes and that after the
<br />application of said $35,000 to the payment thereof, the remaining outstanding
<br />principal of said notes (to wit, $900,000) shall be funded by the issuance of new
<br />notes in anticipation of the issuance of bonds for the purpose hereinafter
<br />stated; and
<br />
<br /> WHEREAS, the Fiscal Officer has certified to this Council that 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 five (5) years and that the maximum maturity of notes issued in antici-
<br />pation of said bonds is December 31, 1996; 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 enable the City to retire the
<br />outstanding notes at maturity and thereby preserve the City's credit;
<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 $900,000 for the purpose of paying
<br />the property owners' portion, in anticipation of the levy and collection of
<br />special assessments ($240,000), and the City's portion ($660,000) of the cost of
<br />improving certain streets in the City of Lakewood, Ohio by removal, where
<br />necessary, of the existing surface court, 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, and installation of traffic signalization devices.
<br />
<br /> Section 2. Said bonds shall be dated approximately June 1, 1993,
<br />shall bear interest at the estimated rate of six per centum (6%) per annum,
<br />payable semi-annually, until the principal sum is paid, and shall mature in
<br />five (5) 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 $900,000 shall be issued in anticipation
<br />of the issuance of said bonds for the above-described purpose. The Notes shall
<br />bear interest at a rate not exceeding the maximum interest rate of ten per centum
<br />(10%) per annum, as may be fixed by the Fiscal Officer in his certificate
<br />awarding the Notes, such interest to be payable at maturity, with provision, if
<br />requested by the purchaser, that, in the event of default, the same shall bear
<br />interest at a rate not exceeding the maximum interest rate of ten per centum
<br />(10%) per annum until the principal sum is paid; shall be dated June 26, 1992 and
<br />shall mature June 25, 1993; shall not be subject to redemption by the City at any
<br />
<br />
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