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PLACED ON FIRST READING & REFERRED
<br />TO THE FINANCE COMMITTEE 4/5/93.
<br />
<br />ORDINANCE NO. 13 - 9 3
<br />
<br />By: Boscia, Gallagher, George,
<br /> Gibbons, Roth, Seelie
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $285,000 Sidewalk
<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 ($70,000), and the City's
<br />portion ($215,000) of the cost of reconstructing and repairing certain
<br />concrete sidewalks in the City of Lakewood, Ohio.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 42-91 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 $304,000 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 $19,000 and with the proceeds of notes in the principal
<br />amount of $285,000, 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 principalamountof said notes shall befunded 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 /> fiv~ (5) years and has further certified the maximum maturity of the
<br />nafter mentioned bonds is five (5) years and that the maximum
<br />ity of notes issued in anticipation of said bonds is December 31,
<br />1996; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which
<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 $285,000 for the purpose
<br />of paying the property owners' portion, in anticipation of the levy and
<br />collection of special assessments ($70,000), and the City's portion
<br />($215,000) of the cost of reconstructing and repairing certain concrete
<br />sidewalks in the City of Lakewood, Ohio.
<br />
<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 />
<br /> Section 3. It is hereby determined that notes (hereinafter
<br />called the "Notes") iht he principalamount of $285,000 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 />
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