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<br />PLACED ON 1st Reaaíng & Referred to
<br />FINANCE COMMITTEE on 3/17/97.
<br />
<br />PLACED ON 2nd Reading 4/7/97.
<br />
<br />ORDINANCE NO. 10-97
<br />
<br />By: Boscia, COTrig~n, Flannery,
<br />George, Roth, Seelie, Smith
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issnance of $481,800 1995
<br />Motorized Equipment Bond Anticipation Notes - 1997 Renewal of the Ci1y of Lakewood, Ohio,
<br />in anticipation of the issuance of bonds for the purpose of acquiring motorized vehicles for
<br />various departments of the Ci1y.
<br />
<br />WHEREAS, pursuant to Ordinance No. 14-95 passed April 3, 1995, the Council
<br />of the City authorized the issuance of notes in anticipation of the issuance of bonds in the
<br />principal amount of $481 ,800 for the purpose hereinafter stated, which notes were dated May 10,
<br />1995 and matured on May 10, 1996, which notes were retired with proceeds from notes in the
<br />principal amount of$481,800, which notes are dated May 9,1996 and will mature May 9,1997;
<br />and
<br />
<br />WHEREAS, the Council of the Ci1y has detennined that the outstanding principal
<br />of said notes shall be funded by the issuance of new notes in the principal amount of $481,800 in
<br />anticipation of the issuance of bonds for the purpose hereinafter stated; and
<br />
<br />WHEREAS, the Fiscal Officer has certified to this Council that the estimated life
<br />of the improvement~ 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
<br />
<br />WHEREAS, this ordinance is art 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 wmch are about to mature and thereby
<br />protect the credit of the City;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the Ci1y of Lakewood, Cuyahoga
<br />County, Ohio:
<br />
<br />Section 1. It is hereby declared necessary to issue bonds of the City of Lake wood
<br />in the principal amount of $481,800 for the purpose of acquiring motorized vehicles for various
<br />departments of the City.
<br />
<br />Section 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-annually, 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 wmch principal is payable is
<br />substantially equal.
<br />
<br />Section 3. It is hereby detennined that notes (hereinafter called the ''Notes'') in
<br />the principal amount of $481 ,800 shall be issued in anticipation of the issuance of s~id bonds for
<br />the above-described purpose. The Notes shall bear interest at a rate nbt exceeding the maximum
<br />interest rate often per centum (10%) per annum, as may be fixed by the Fiscal Officer in her
<br />certificate awarding the Note,s, such interest to be payable at maturity, with provision, if
<br />requested by the purchaser, that, in the event of default, 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 detennined 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 batiks 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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