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PLACED ON 1st Reading ~ Referred
<br />to FINANCE C>ITE on 7/21/97.
<br />PLACED ON 2nd Reading on 9/2/97.
<br />
<br />ORDINANCE NO. 35-97 By: Boscia, Corrigan, Flannery,
<br /> George, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for 5200.000 1993 City Hall
<br />Improvement Bond Anticipation Notes - 1997 Renewal of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of renovating and otherwise improving City
<br />Hall.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 46-93 passed September 20, 1993, the
<br />Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in
<br />the principal amount of $200,000 for the purpose hereinafter stated, which notes were dated
<br />October 8. 1993 and matured on October 7, 1994, which notes were retired with the proceeds of
<br />notes in the principal amount of $200,000 which notes were dated October 6, 1994 and matured
<br />on October 5, 1995, which notes were retired with the proceeds of notes in the principal amount
<br />of $200,000, which notes were dated October 5, 1995 and matured on October 4, 1996, which
<br />notes were retired with the proceeds of notes in the principal amount of $200,000, which notes
<br />are dated October 4, 1996 and will mature on October 3, 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 $200,000 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 thirty (30) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is twenty (20) years from the date of
<br />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 fiarther 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 $200,000 for the purpose of renovating and otherwise improving City
<br />Hail.
<br />
<br /> Section 2. Said bonds shall be dated approximately October 1, 1998, shall bear
<br />interest at the estimated rate of six per centum (6%) per annum, payable semi-annually, until the
<br />principal sum is paid, and shall mature in such twenty (20) annual principal installments after
<br />their issuance that the total principal and interest payments in an5' year in which principal is
<br />payable is substantially equal.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $200,000 shall be issued in anticipauon of the issuance of said bonds for
<br />the above-described purpose. The Notes shall bear interest at a rate not exceeding the maximum
<br />interest rate of ten per cemum (10%) per annum, as ma3' be fixed by the Fiscal Officer in her
<br />
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