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PLACED ON 1st Reading & REFERRED TO
<br />FINANCE COMMITTEE ON 9/3/96.
<br />
<br />ORDINANCE NO. 32-96
<br />
<br />By: Boscia, Corrigan, Flannery,
<br /> George, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINAi~CE to provide for $220,000
<br />Motorized Equipment Bond Anticipation Notes, Series A of the City
<br />of Lakewood, Ohio, in anticipation of the issuance of bonds for
<br />the purpose of acquiring motor vehicles and appurtenances thereto
<br />for various departments of the City.
<br />
<br /> WHEREAS, pursuant to Ordinance 54-89, passed on July
<br />17, 1989, the Council of the City authorized the issuance of notes
<br />in anticipation of the issuance of bonds in the principal amount
<br />of $280,500 for the purpose hereinafter stated, which notes were
<br />dated August 25, 1989 and matured on August 24, 1990, which notes
<br />were retired with the proceeds of notes in the principal amount of
<br />$224,400 and with funds of the City in the amount of $56,100,
<br />which notes were dated August 24, 1990 and matured on August 23,
<br />1991 which notes were retired with the proceeds of notes in the
<br />principal amount of $224,400 which notes were dated August 23,
<br />1991 and matured on August 21, !992, which notes were retired with
<br />funds of the City in the amount of $4,400 and with the proceeds of
<br />notes in the principal amount of $220,000, which notes were dated
<br />July 3t, 1992 and matured on October 9, 1992, which notes were
<br />retired with the proceeds of notes in the principal amount of
<br />$220,000, which notes were dated October 9, 1992 and matured on
<br />October 8, 1993, which notes were retired with the proceeds of
<br />notes in the principal amount of $220,000, which notes were dated
<br />October 8, 1993 and matured on October 7, 1994, which notes were
<br />retired with the proceeds of notes in the principal amount of
<br />$220,000, which notes were dated October 6, 1994 and matured on
<br />October 5, 1995, which notes were retired with the proceeds of
<br />notes in the principal amount of $220,000, which notes are dated
<br />October 5, 1995 and will mature on October 4, 1996; and
<br />
<br /> W/qEREAS, the Council of the City has determined that
<br />the outstanding principal of said notes shall be funded by the
<br />issuance of new notes in the principal amount of $220,000 in
<br />anticipation of the issuance of bonds for the purpose hereinafter
<br />stated; and
<br />
<br /> WHEREAS, the 'Fiscal Officer has certified to this
<br />Council that the estimated life of the improvements hereinafter
<br />mentioned is at least five (5) years and has further certified the
<br />maximum maturity of the hereinafter mentioned bonds is three (3)
<br />years and that the maximum maturity of notes issued in antici-
<br />Pation of said bonds is ten (10) years from the date of issuance
<br />of the original notes; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which
<br />is necessary for the immediate preservation of the public peace,
<br />property, health, safety and welfare in the City and for the
<br />further reason that the immediate issuance and sale of the notes
<br />herein authorized is necessary to provide funds to retire the
<br />outstanding notes which are about to mature and thereby protect
<br />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
<br />bonds of the City of Lakewood in the principal amount of $220,000
<br />for the purpose of acquiring motor vehicles and appurtenances
<br />thereto for various departments of the City.
<br />
<br /> Section 2. Said bonds shall be dated approximately
<br />October 1, 1997, shall bear interest at the estimated rate of five
<br />
<br />
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