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PI,ACED ON 1st Reading ti Referred
<br />FINANCE COMMITTEE on 3/17/97.
<br />PI.A(?ED ON 2nd Reading 4/7/97.
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<br />ORDINANCE NO. 9-97 By: goscia, Corrigan, Flannery,
<br /> George, Roth, Seelie, Smith
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<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $195,000 1996
<br />Motorized Equipment Bond Anticipation Notes - 1997 Renewal of the City of Lakewood, Ohio,
<br />in anticipation of the issuance of bonds for the purpose of acquiring motorized equipment for
<br />various departments of the City.
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<br /> WHEREAS, pursuant to Ordinance No. 10-96 passed April 1, 1996, the CoUncil
<br />of the City authorized the issuance of notes in the anticipation of the issuance of bonds in the
<br />principal amoUnt of $195,000 for the purpose hereinafter stated, which notes are dated May 9,
<br />1996 and will mature May 9, 1997; and
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<br /> WHEREAS, the Council of the City has determined that the outstanding principal
<br />of said notes shall be funded by the issuance of new notes in the principal amoUnt of $195,000 in
<br />anticipation of the issuance of bonds for the purpose hereinafter stated; and
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<br /> WHEREAS, the Fiscal Officer has certified to this Council that the estimated life
<br />of the improvements hereinafter mentioned is at least five (5) years and has further certified the
<br />maximum maturity of the hereinafter mentioned bonds is five (5) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is ten (10) years from the date of issuance
<br />of the original notes; and
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<br /> WHEREAS, this ordinance is an emergency measure which is necessary for the
<br />immediate preservation of the public peace, property, health, safety and welfare in the City and
<br />for the further reason that the immediate issuance and sale of the notes herein authorized is
<br />necessary to provide funds to retire the outstanding notes which are about to mature and thereby
<br />protect the credit of the City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyaboga
<br />CoUnty, Ohio:
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<br /> SecfionI. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $195,000 for the purpose of acquiring motorized equipment for
<br />various departments of the City.
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<br /> ~eetion 2. Said bonds shall be dated approximately May 1, 1998, shall bear
<br /> interest at the estimated rate of five per centum (5%) per annum, payable semi-aunually, until'the
<br /> principal sum is paid, and shall mature in such five (5) annual principal installments after their
<br /> issuance that the total principal and interest payments in any year in which principal is payable is
<br />_ substantially equal:
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<br /> Section 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $195,000 shall be issued in anticipation of the issuance of said bonds for
<br />the above-described purpose. The Notes shall bear interest at a rote not exceeding the maximum
<br />interest rote of ten per centum (10%) per annum, as may be fixed by the Fiscal Officer in her
<br />certificate awarding the Notes, such interest to be payable at maturity, with provision, if
<br />requested by the purchaser, that, in the event of defanlt, the same shall bear interest at a rate not
<br />exceeding the maximum interest rate often per centum (10%) per annum until the principal sum
<br />is paid; shall be dated their date of issuance and shall mature on a date between nine months and
<br />one year from such date, as determined by the Fiscal Officer; shall not be subject to redemption
<br />by the City at any time prior to maturity; and shall be payable as to both principal and interest at
<br />the office of the Fiscal Officer of the City, or at banks or trust companies, as determined by the
<br />Fiscal Officer, without deduction for exchange,, collection or service charge. "Fiscal Officer" as
<br />used in this ordinance means the City's Director of Finance, Assistant Director of Finance,
<br />Acting Director of Finance or Director of Public Works.
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<br /> Section 4. Pursuant to Section 133.30(B), Ohio Revised Code, the Fiscal Officer
<br />may combine the Notes with other notes into a single consolidated issue of notes for purposes of
<br />their sale as a single issue, to be designated "Various Purpose General Obligation Bond
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