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PI,,\CI!D ON 1st Reading ~ Referred
<br />{:[:.~AN(?E (?OM~XIiT'I'}!t! on 3/[7/97.
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<br />PLACED ON 2nd Reading 4/7/97.
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<br />ORDINANCE NO. 14-97 By: Boscia, Corrigan, Plannery,
<br /> George, Roth, Seelie, Smith
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<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $90,000 1996
<br />Tree Planting Bond Anticipation Notes - 1997 Renewal of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of improving streets and municipal
<br />properties by clearing, trimming and planting trees and preparing an inventory thereof.
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<br /> WHEREAS, pursuant to Ordinance No. 13-96 passed April I, 1996, the Council
<br />of the City authorized the issuance of notes in anticipation of the issuance of bonds in the
<br />principal amount of $90,000 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 $90,000 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 ten (I0) years and that the rn,xximum
<br />maturity of notes issued in anticipation of said bonds is fifteen 05) years from the date of
<br />issuance 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;
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<br /> NOW,'THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio:
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<br /> ~ection I... It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $90,000 for the purpose of improving streets and municipal properties
<br />by clearing, trimming and planting trees and preparing an inventory thereof.
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<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 ten (10) 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 /> ~,mtion .3.. It is hereby determined that notes (hereinafmr called the "Notes") in
<br />the principal amount of $90,000 shall be issued in anticipation of the issuance of said bonds for
<br />the above-deserilx*d purpose. The Notes shall bear interest at a/ate not exceeding the maximin
<br />interest rate 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 pttrehaser, that, in the event of default, the same shall bear interest at a rate not
<br />exceeding the maximum interest rate of ten per eentum (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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