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PLACED ON FIRST READING & REFERRED
<br />TO FINANCE COMMITTEE 4/5/93.
<br />
<br />ORDINANCE NO. 18 - 9 3
<br />
<br />By: Boscia, Gallagher, George,
<br /> Gibbons, Roth, Seelie
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $92,000 Street
<br />Improvement Bond Anticipation Notes, Series 1993A of the City of Lakewood,
<br />Ohio, in anticipation of the issuance of bonds for the purpose of
<br />improving certain streets in the City of Lakewood, Ohio by removal, where
<br />necessary, of the existing surface course, by grading and replacement,
<br />where necessary, of the base, and by resurfacing with asphaltic concrete,
<br />including the necessary replacement and resetting of castings together
<br />with the necessary appurtenances thereto.
<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 twenty (20) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is twenty (20)
<br />years; 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 for the improvements urgently needed to reduce hazards to
<br />motor vehicles and pedestrians;
<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 $92,000 for the purpose of
<br />improving certain streets in the Gity of Lakewood, Ohio by removal, where
<br />necessary, of the existing surface court, by grading and replacement,
<br />where necessary, of the base, and by resurfacing with asphaltic concrete,
<br />including the necessary replacement and resetting of castings together
<br />with the necessary appurtenances thereto.
<br />
<br /> Section 2. Said bonds shall, be dated approximately May 1,
<br /> 1994, shall bear interest at the estimated rate of six and one-half per
<br /> centum (6-1/2%) per annum, payable semi-annually, until the principal sum
<br /> is paid, and shall mature in such twenty (20) annual principal install-
<br /> ments after their issuance that the total principal and interest payments
<br /> in any year in 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 $92,000 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 ts 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
<br /> at banks or trust companies, as determined by the Fiscal Officer, without
<br /> deduction for exchange, collection or service charge. "Fiscal Officer" as
<br /> used in this ordinance means the City's Director of Finance, Assistant
<br /> Director of Finance, Acting Director of Finance or Director of Public
<br /> Works.
<br />
<br /> Section 4. Pursuant to Section 133.30(B), Ohio Revised Code,
<br /> the Fiscal. Officer may combine the Notes with other notes into a sin§le
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