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PLACED ON FIRST READING & REFERRED
<br />TO FINANCE COMMITTEE ON 9/8/92.
<br />
<br />ORDINANCE NO. 7 9 - 9 2
<br />
<br />By: Gallagher, George, Gibbons,
<br />Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANOE to provide for $2,500,000 1990 Real Estate
<br />Acquisition Bond Anticipation Notes - 1992 Renewal of the City of Lakewood, Ohio,
<br />in anticipation of the issuance of bonds for the purpose of constructing roadways
<br />and installing water mains, sanitary and storm sewers and sidewalks and all
<br />necessary appurtenances thereto, improving sites for off-street parking of motor
<br />vehicles and a park and acquiring real estate therefor.
<br />
<br /> WHEREAS, this Council desires to exercise its powers pursuant to
<br />Sections 3, 7 and 10 of Article XVIII of the Ohio Constitution to acquire and
<br />improve real estate and issue the notes hereinafter authorized for such purpose;
<br />and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 83-90 passed October 1, 1990, this
<br />Council authorized the issuance of notes in anticipation of the issuance of bonds
<br />in the principal amount of $1,500,000 for the purpose hereinafter stated, which
<br />notes were dated October 10, 1990, and matured on October 10, 1991, which notes
<br />were retired with the proceeds of notes in the principal amount of $2,500,000,
<br />which notes are dated October 10, 1991 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 at maturity by the issuance of new notes
<br />in anticipation of the issuance of bonds for the purpose hereinafter state~; and
<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 at least twenty (20) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is twenty (20) years from
<br />the date of issuance of the original notes; 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 i~ediate 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 $2,500,000 for the purpose of
<br />constructing roadways and installing water mains, sanitary and storm sewers and
<br />sidewalks and all necessary appurtenances thereto~ improving sites for off-street
<br />parking of motor vehicles and a park and acquiring real estate therefor.
<br />
<br /> Section 2. Said bonds shall be dated approximately October 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 />
<br /> Section 3. It is hereby determined that notes (hereinafter called
<br />the "Notes") in the principal amount of $2,500,000 shall be issued in
<br />anticipation of the issuance of said bonds for the above-described purpose. The
<br />Notes shall bear interest at such rate not exceeding the maximum interest rate
<br />of eight per centum (8%) per annum, as may be fixed by the FisCal Officer in his
<br />certificate awarding the Notes at private sale, such interest to be payable at
<br />maturity with provision, if requested by the original purchaser, that, in the
<br />event of default, the same shall bear interest at a rate not exceeding the
<br />maximum interest rate of eight per centum (8%) per annum until the principal sum
<br />is paid; shall be dated their date of issuance and shall mature one year from
<br />such date; shall be subject to redemption by the City at any time prior to
<br />maturity; and shall be payable as to both principal and interest at the offices
<br />
<br />
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