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<br />i~,
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<br />PLACED ON~~RST READING & REFERRED
<br />TO FINANCE! .MTE on 9/8/92.
<br />
<br />ORDINANCE NO. 76- 92
<br />
<br />By:
<br />
<br />Boscia, Gallagher, Gibbons,
<br />Roth, Seelie, Smith
<br />
<br />AN EMEEGENGY ORDINANCE to provide for $180,000 1988 Sidewalk
<br />Improvement Bond Anticipation Notes - 1992 Second 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 al .thorized the issuance' of notes in anticipation of the
<br />issuance of bonds 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 notés 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 Aug'!-1st 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 matured on August ,23, 1991, which notes were retired with the proceeds of
<br />notes in the principal amount of $180,000, which notes were dated August 23, 1991
<br />and matured on August 21, 1992, which notes were retired with the proceeds of
<br />notes in the principal amount of $180,000, which notes are dated July 31, 1992
<br />and will mature on October 9, 1992; and
<br />
<br />WHEREAS, the Council of the City has determined that the outstanding
<br />principal of said notes shall be funded by the issuance of new notes in
<br />anticipation of the issuance of b~nds 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 />wélfa~e in the City and for the further reason that the immediate issuance and
<br />sàle 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 th~
<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, 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 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 eight per
<br />centum (8%) 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 eight per centum
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