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PLACED ON 1st Reading fi Re£erred
<br />FIXANCE CMTE on 7/21/97.
<br />PLACED ON 2nd Reading on 9/2/97.
<br />
<br />tO
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<br />ORDINANCE NO. 33-97 By: Boscia, Corrigan, Flannery,
<br /> George, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for 5168,300 1989 Motorized
<br />Equipment Bond Anticipation Notes - 1997 Renewal of the City of Lakewood. Ohio, in
<br />anticipation of the issuance of bonds for the purpose of acquiring motor vehicles and
<br />appurtenances thereto for various departments of the City.
<br />
<br /> WHEREAS, pursuant to Ordinance 54-89, passed on July 17, 1989, the Council
<br />of the City authorized the issuance of notes in anticipation of the issuance of bonds in the
<br />principal amount of $280,500 for the purpose hereinafter stated, which notes were dated August
<br />25, 1989 and matured on August 24, 1990, which notes were retired with the proceeds of notes in
<br />the principal amount of $224,400 and with funds of the City in the amount of $56,100, which
<br />notes were dated August 24, 1990 and matured on August 23, 1991 which notes were retired
<br />with the proceeds of notes in the principal amount of $224,400 which notes were dated August
<br />23, 1991 and matured on August 21, 1992, which notes were retired with funds of the City in the
<br />amount of $4,400 and with the proceeds of notes in the principal amount of $220,000, which
<br />notes were dated July 31, 1992 and matured on October 9, 1992, which notes were retired with
<br />the proceeds of notes in the principal amount of $220,000. which notes were dated October 9,
<br />1992 and matured on October 8, 1993, which notes were retired with the proceeds of notes in the
<br />principal amount of $220,000, which notes were dated October 8, 1993 and matured on October
<br />7, 1994, which notes were retired with the proceeds of notes in the principal amount of $220,000,
<br />which notes were dated October 6, 1994 and matured on October 5. 1995, which notes were
<br />retired with the proceeds of notes in the principal amount of $220,000, which notes were dated
<br />October 5, 1995 and matured on October 4, 1996, which notes were retired with the proceeds of
<br />notes in the principal amount of $220,000, which notes are dated October 4, 1996 and will
<br />mature on October 3, 1997; and
<br />
<br /> WHEREAS, the Council of the City has determined that $51,700 is now available
<br />to apply against the principal of said notes and that after the application of said $51,700 to the
<br />payment thereof the remaining outstanding principal of said notes (to wit, $168,300) shall be
<br />funded by the issuance of new notes in anticipation of the issuance of bonds for the purpose
<br />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 two (2) 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 an emergency measure xvhich is necessary for the
<br />immediate preservation of the public peace, property, health, safety and welfare in the City and
<br />for the further mason 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 bv the City of Lakewood. Cuyahoga
<br />County, Ohio:
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