12-96 Service Garage Improvement Bonds $95,000

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PLACED OX 1ST READING & REFERRED TO THE F!XAXCE COMMITTEE ON 3/15/96. ORDiNanCE NO. 12-96 Boscia, Corrigan, George, Roth, Seelie, Smith AN EMERGENCY ORDINANCE to provide for $95,000 Service Garage Improvement Bond Anticipation Notes of the City of Lakewccd, Ohio, in anticipation of the issuance of bonds for the purpose of renovating the service garage by repairing the roof and installing air conditioning. WHEREAS, the Fiscal Officer has certified to this Council that the estimated life of the improvements hereinafter mentioned is at least five (5) years and has further certified the maximum maturity of the hereinafter mentioned bonds is twenty (20) years and that the maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the date of issuance of the original notes; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to provide funds for the renovations urgently needed by the City; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section !. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $95,000 for the purpose of renovating the service garage by repairing the roof and installing air conditioning. Section 2. Said bonds shall be dated approximately May 1, 1997, shall bear interest at the estimated rate of six per centum (6%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in such twenty (20) annual principal installments after their issuance that the total principal and interest payments in any year in which principal is payable is substantially equal. Section 3. It is hereby determined that notes (herein- after called the "Notes") in the principal amount of $95,000 shall be issued in anticipation of the issuance of said bonds for the above-described purpose. The Notes shall bear interest at a rate not exceeding the maximum interest rate of ten per centum (10%) per annum, as may be fixed by the Fiscal Officer in her certificate awarding the Notes, such interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a rate not exceeding the maximum interest rate of ten per centum (10%) per annum until the principal sum is paid; shall be dated their date of issuance and shall mature on a date between nine months and one year from such date, as determined by the Fiscal Officer; shall not be subject to redemption by the City at any time prior to maturity; and shall be payable as to both principal and interest at the office of the Fiscal Officer of the City, or at banks or trust companies, as determined by the Fiscal Officer, without deduction for exchance, collection or service charge. "Fiscal Officer" as used in t[is ordinance means the City's Director of Finance, Assistant Director of Finance, Acting Director of Finance or Director of Public Works. $.ection 4. Pursuant to Section 133~30(B), Ohio Revised Code, the Fiscal Officer may combine the Notes with other notes inso a single consolidated issue of notes for purposes of their sale as a single issue, to be designated "Various Purpose General Obligation Bond Anticipation Notes, Series 1996"; such notes shall