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<br />PLACED ON 1ST READING & REFERRED TO
<br />FINANCE CMTE ON 2/2/98; 2nd Read 2/17/98.
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<br />ORDINANCE NO. 6-98
<br />
<br />By: Corrigan, Flannery, George,
<br />Roth, Seelie, Skindell, Smith
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $805,000 1994
<br />Motorized Equipment Bond Anticipation Notes - 1998 Renewal of the City of Lakewood, Ohio,
<br />in anticipation of the issuance of bonds for the purpose of acquiring motor vehicles and related
<br />equipment for use in carrying out functions of various departments of the City,
<br />
<br />WHEREAS, pursuant to Ordinance No. 50-94 passed April 18, 1994, the Council
<br />of the City authorized the issuance of notes in anticipation of the issuance of bonds in the
<br />principal amount of $980.000 for the purpose hereinafter stated. which notes were dated May 12,
<br />1994 and matured on May II, 1995, which notes were retired with proceeds ITom notes in the
<br />principal amonnt of $805,000, which notes were dated May 10, 1995 and matured May 10, 1996,
<br />which notes were retired with proceeds from notes in the principal amount of $805.000. which
<br />notes Were dated May 9, 1996 and matured May 9, 1997, which notes were retired with proceeds
<br />from notes in the principal amonnt of $805,000, which notes ",e dated May 9, 1997 and will
<br />matille May 8, 1998; and
<br />
<br />WHEREAS, the Conncil of the City has determined that the ontstanding principal
<br />of said notes shall be funded by the issuance of new notes in the principal amonnt of $805,000 in
<br />anticipation of the issuance of bonds for the purpose hereinafter stated; and
<br />
<br />WHEREAS, the Fiscal Officer has certified to this Conncil that the estimated life
<br />of the improvements hereinafter mentioned is at least five (5) ye",s and has further certified the
<br />maximum maturity of the hereinafter mentioned bonds is five (5) 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 />Connty, Ohio'
<br />
<br />Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amonnt of $805,000 for the purpose of acqniring motor vehicles and related
<br />equipment for use in carrying out functions of various departments of the City.
<br />
<br />Section 2. Said bonds shall be dated approximately M",ch I, 1999, shall be",
<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 five (5) 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 eqnal.
<br />
<br />Section 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amonnt of $805,000 shall be issned in anticipation of the issuance of said bonds for
<br />the above-described purpose. The Notes shaH bear interest at a rate not exceeding the maximum
<br />interest rate of ten per centum (10%) per mmum. 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 purchaser, that, in the event of default, the saine shall bear interest at a rate not
<br />exceeding the maximum interest rate of ten per centum (10%) per annum until the principal sum
<br />is paid; shall be dated their date öf issuance ahd shall mature on a date between nine months and
<br />one year from such date, as detennined by the Fiscal Officer; shall not be subject to redemption
<br />by the City at any time prior to maturity; and shalI 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"
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