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Pl.,\t'HI) ON 1st Read[n~ g4 Referred
<br />to FIN,\Nt'I~ t;t)blbll'I"l'Et! on 3/[7/97.
<br />PLACED ON 2nd Reading 4/7/97.
<br />
<br />ORDINANCE NO. 16-97 By: Boscia, Corrigan, Flannery,
<br /> George, Roth, Seelie, S~ith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $I0,000 Traffic
<br />Signalization Improvement Bond Anticipation Notes - 1997 Renewal of the City of Lakewood,
<br />Ohio~ in anticipation of the issuance of bonds for the purpose of improving certain streets by
<br />installing traffic signalization devices.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 16-96 passed April 1, 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 $I0,000 t'or the purpose hereinafter stated, which notes are dated May 9,
<br />1996 and will mature May 9, 1997; and
<br />
<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 $10,000 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 improvements hereinafter mentioned is at least five (5) years and has further certified the
<br /> maximum maturity of the hereinafter mentioned bonds is twenty (20) years and that the
<br /> maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the
<br /> date of issuance of the original notes; and
<br />
<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, Cuyahoga
<br /> County, Ohio:
<br />
<br /> ~ection I. It is hereby declared necessary to issue bonds of'the City of Lakewood
<br /> in the principal amount of $10,000 for the purpose of improving certain s~reets by installing
<br /> traffic signalization devices.
<br />
<br /> Section 2. Said bonds shall be dated approximately May 1, 1998, shall bear
<br /> interest at tt~ estimated rate of six per centare (6%) per armum, payable semi-annually, until the
<br /> principal sum is paid, and shall mamm in such twenty (20) annual principal installments after
<br /> their ~ that the total principal and interest payments in any year in which principal is
<br />'- -payable is subs~anti~ll~-~lual.
<br />
<br /> S°ztion 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br /> the principal amount of $10,000 shall be issued in anticipation of the issuance of said bonds for
<br /> the above-described purpose. The Notes shall bear inter~t at a rote not exceeding the maximum
<br />' inte~st ram of ten per centare (10%) per annum, as may be fixed by the Fiscal Officer in her
<br /> ce~ifica~ awarding the Notes, such intea~st 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 th~ maximum interest rote often per ccntum (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 s~ch date, asdetermined by the Fiscal Officer, shall not be subject to redemption
<br /> by the City al 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.
<br />
<br /> Secfion.4~ Pursuant to Section 133.30(B), Ohio Revised Code. the Fiscal Officer
<br /> may combine ~he Notes with other notes into a single consolidated issue of notes for purposes o£
<br /> their sale as a single issue, to be designated "Various Purpose General Obligation Bond
<br />
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