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PLACED ON FIRST READING & REFERRED
<br />TO FINANCE COMMITTEE ON 4/5/93.
<br />
<br />ORDINANCE NO. 12 - 9 3
<br />
<br />By: Boscia, Gallagher, George,
<br /> Gibbons, Roth, Seelie
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $900,000 Street
<br />Improvement Bond Anticipation Notes, Series 1991B - 1993 Renewal of the
<br />City of Lakewood, Ohio, in anticipation of the issuance of bonds for the
<br />purpose of paying the property owners' portion, in anticipation of the
<br />levy and collection of special assessments ($240,000), and the City's
<br />portion ($660,000) of the cost of improving certain streets in the City of
<br />Lakewood, Ohio by removal, where necessary, of the existing surface
<br />course, by grading and replacement, where necessary, of the base, and by
<br />resurfacing with asphaltic concrete, including the necessary replacement
<br />and resetting of castings together with the necessary appurtenances
<br />thereto, and installation of traffic signalization devices.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 39-91 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 $935,000 for the
<br />purpose hereinafter stated, which notes were dated June 26, 1991 and
<br />matured June 26, 1992, whichnotes were retired with funds of the City in
<br />the amount of $35,000 and with the proceeds of notes in the principal
<br />amount of $900,000, which notes are dated June 26, 1992 and will mature on
<br />June 25, 1993; and
<br />
<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 />
<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 December 31,
<br />1996; and
<br />
<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 />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />'Cuyahoga County, Ohio:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal amount of $900,000 for the purpose
<br />of paying the property owners' portion, in anticipation of the levy and
<br />collection of special assessments ($240,000), and the City's portion
<br />($660,000) of the cost of improving certain streets in the City of
<br />Lakewood, Ohio by removal, where necessary, of the existing surface court,
<br />by grading and replacement, where necessary, of the base, and by
<br />resurfacing with asphaltic concrete, including the necessary replacement
<br />and resetting of castings together with the necessary appurtenances
<br />thereto, and installation of traffic si§naltzation devices.
<br />
<br /> Section ~. 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 />
<br /> Section 3. It is hereby determined that notes (hereinafter
<br />called the "Notes") in the principal amount of $900,000 shall be issued in
<br />
<br />
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