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PLACED ON 1st Reading & Referred
<br />to FINANCE CMTE on 7/21/97.
<br />PLACED ON 2nd Reading on 9/2/97.
<br />
<br />ORDINANCENO. 34-97 By: Boscia, Corrigan, Flannery,
<br /> George, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $340,800 199t 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 No. 75-91 passed September 3, 1991, the
<br />Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in
<br />the principal amount of $426,000 for the purpose hereinafter stated, which notes were dated
<br />October 11, 1991 and matured on October 9, 1992, which notes were retired with the proceeds of
<br />notes in the principal amount of $426,000 which notes were dated October 9, 1992 and matured
<br />on October 8, 1993, which notes were retired with the proceeds of notes in the principal amount
<br />of $426,000 which notes were dated October 8, 1993 and matured on October 7, 1994, which
<br />notes were retired with the proceeds of notes in the pnncipal amount of $426,000 which notes
<br />were dated October 6, 1994 and matured on October 5, 1995, which notes were retired with the
<br />proceeds of notes in the principal amount of $426,000, which notes were dated October 5, 1995
<br />and matured on October 4, 1996, which notes were retired with the proceeds of notes in the
<br />principal amount of $426,000, which notes are dated October 4, 1996 and will mature on October
<br />3, 1997; and
<br />
<br /> WHEREAS, the Council of the City has determined that $85,200 is now available
<br />to apply against the principal of said notes and that after the application of said $85,200 to the
<br />payment thereof the remaining outstanding principal of said notes (to wit, $340,800) 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 four (4) 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 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 /> Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $340.800 for the purpose of acquiring motor vehicles and
<br />appurtenances thereto for various departments of the City.
<br />
<br /> Section 2. Said bonds shall be dated approximately October 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 four (4) annual principal installments after their
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