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ORDINANCE NO. 7 2 - 9 2
<br />
<br />By: Boscia, Gallagher, George,
<br /> Gibbons, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $180,000 1988 Sidewalk
<br />Improvement Bond Anticipation Notes Series B - 1992 Renewal of the City of '
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of
<br />paying the property owners' portion, in anticipation of the levy and collection
<br />of special assessments, and the City's portion of the cost of reconstructing and
<br />repairing certain concrete sidewalks in the City of Lakewood, Ohio.
<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 five (5) years and that the maximum maturity of
<br />notes issued in anticipation of said bonds is December 31, 1993; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 70-88 passed July 26, 1988, the
<br />Council of the City authorized the issuance of notes in anticipation of the
<br />issuance ofbonds in the principal amount of $300,000 for the purpose hereinafter
<br />stated, which notes were dated August 26, 1988 and matured on August 25, 1989,
<br />which notes were retired with the proceeds of notes in the principal amount of
<br />$240,000 and with funds of the City in the amount of $60,000, which notes were
<br />dated August 25, 1989 and matured on August 24, 1990, which notes were retired
<br />with the proceeds of notes in the principal amount of $180,000 and with funds of
<br />the City in the amount of $60,000, which notes were dated August 24, 1990 and
<br />will matureed on August 23, 1991, which notes were retired with the proceeds of
<br />the notes in the principal amount of $180,000, which notes are dated August 23,
<br />1991 and will mature on August 21, 1992; and
<br />
<br /> WHEREAS, the Council of the City has determined that said notes shall
<br />be funded by the issuance of new notes in anticipation of the issuance of bonds
<br />for the purpose hereinafter stated; 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 $180,000 for the purpose of paying
<br />the property owners' portion ($72,000), in anticipation of the levy and
<br />collection of special assessments, and the City's portion ($108,000) of the cost
<br />of reconstructing and repairing certain concrete sidewalks in the City of
<br />Lakewood, Ohio, in the manner and between the termini provided in Resolution
<br />No. 4771-70 duly adopted by the Council of the City on April 20, 1970.
<br />
<br /> Section 2. Said bonds shall be dated approximately October 1, 1992,
<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 five
<br />(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 $180,000 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 their date of
<br />issuance; shall mature October 9, 1992; shall not be subject to redemption by the
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