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~INANC~ COMMITT~ ~/$/93.
<br />
<br />ORDINANCE NO.
<br />
<br />11-93
<br />
<br />By: Boscia, Gallagher, George,
<br /> Gibbons, Roth, Seelie
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $245,000 Motorized
<br />Equipment Bond Anticipation Notes, Series 1991B - 1993 Renewal of the City
<br />of Lakewood, Ohio, in anticipation of ~he issuance of bonds for the
<br />purpose of acquiring motorized equipment and necessary appurtenances
<br />thereto for various departments of the City.
<br /> WHEREAS, pursuant to Ordinance No. 38-91 passed June 3, 1991,
<br />the Council of the City authorized the issuance of notes in anticipation
<br />of the issuance of bonds in the principal amount of $273,000 for the
<br />purpose hereinafter stated, which notes were dated June 26, 1991 and
<br />matured June 26, 1992, which notes were retired with funds of the City in
<br />the amount of $28,000. and with the proceeds of notes in the principal
<br />amount of $245,000, which notes are dated June 26, 1992 and will mature on
<br />June 25, 1993; and
<br /> WHEREAS, the Council of the City has determined that the
<br />outstanding principal amount of said notes shall be funded by the issuance
<br />of new notes in anticipation of the issuance of bonds for the purpose
<br />hereinafter stated; and
<br /> WHEREAS, the Fiscal Officer has certified to this Council that
<br />the estimated life of the improvements hereinafter mentioned is at least
<br />five (5) years and has further certified the maximum maturity of the
<br />hereinafter mentioned bonds is five (5) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is ten (10) years
<br />from the date of issuance of the original notes; and
<br /> WHEREAS, this ordinance is an emergency measure which is
<br /> necessary for the immediate preservation of the public peace, property,
<br /> health, safety and welfare in the City and for the further reason that the
<br /> immediate issuance and sale of the notes herein authorized is necessary to
<br /> provide funds to retire the outstanding notes which are about to mature
<br /> and thereby protect the credit of the City;
<br /> NOW, THEREFORE, BE IT ORDAINED by the CiTy of Lakewood,
<br /> Cuyahoga County, Ohio:
<br /> ~. It is hereby declared necessary to issue bonds of
<br /> the City of Lakewood in the principal amount of $245,000 for the purpose
<br /> of acquiring motorized equipment and necessary appurtenances thereto for
<br /> various departments of the City.
<br /> Section 2. Said bonds shall be dated approximately May 1,
<br /> 1994, shall bear interest at the estimated rate of five per centum (5%)
<br /> per annum, payable semi-annually, until the principal sum is paid, and
<br /> shall mature in such five (5) annual principal installments after their
<br /> issuance that the total principal and interest payments in any year in
<br /> which principal is payable is substantially equal.
<br /> Section 3. It is hereby determined that notes (hereinafter
<br /> called the "Notes") in the principal amount of $245,000 shall be issued in
<br /> anticipation of the issuance of said bonds for the above-described
<br /> purpose. The Notes shall bear interest at a rate not exceeding the
<br /> maximum interest rate of ten per centum (10%) per annum, as may be fixed
<br /> by the Fiscal Officer in his certificate awarding the Notes, such interest
<br /> to be payable at maturity, with provision, if requested by the purchaser,
<br /> that, in the event of default, the same shall bear interest at a rate not
<br /> exceeding the maximum interest rate of ten per centum (10%) per annum
<br /> until the principal sum is paid; shall be dated their date of issuance and
<br /> shall mature on a date between nine months and one year from such date, as
<br /> determined by the Fiscal Officer; shall not be subject to redemption by
<br /> the City at any time prior to maturity; and shall be payable as to both
<br /> principal and interest at the office of the Fiscal Officer of the City, or
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