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1ST READ/FIN on9~/19/99.
<br />PLACED ON /nd READING 2/1/
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<br />ORDI.NANCE NO. 5 - 99
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<br />By:Corrigan, FitzGerald, George,
<br /> Seelie, Skindell, Smith
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<br /> AN EMERGENCY ORDINANCE to provide tbr the issuance of 5600,460
<br />.Municipal Buildings Bond Anticipation Notes of the City of Lake~vood, Ohio, in anticipation of
<br />the issuance of bonds tbr the purpose of renovating, furnishing and equipping municipal
<br />buildings and improving sites.
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<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
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<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 for the construction of the improvements, which are urgently needed
<br />to protect the safety and health of the citizens of the City;
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<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyaboga
<br />Count').,, Ohio:
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<br /> Sectign 1. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $600,460 for the purpose of renovating, furnishing and equipping
<br />municipal buildings and improving municipal sites.
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<br /> Section 2. Said bonds shall be dated approximately March 1, 2000, shall bear
<br />interest at the estimated rate Of five per eentum (5%) 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 intel'est payments in any year in which principal is
<br />payable is substantially equal.
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<br /> Section. 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $600,460 shall be issued in anticipation of the issuance of said bonds for
<br />the above-described purpose. The Notes shall bear interest at a rate not e~xceeding the maximum
<br />interest rate of six per centum (6%) per annum, as may be fixed by the Fiscal Officer in her
<br />certificate awarding the Notes, such inter~t 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 the maximum interest rate of ten per centum 00%) per annum until the principal sum
<br />is paick shall be dated their date of issuance and shall rnatttre on a date between nine months and
<br />one year from such date, as determined by the Fiscal Officer;, shall not be subject to redemption
<br />by the City at 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 a~ banks or trust companies, as determined by the
<br />Fiscal Officer, without deduction tbr exchange, collection or service charge. "Fiscal Officer' as
<br />used in this ordinance means the City's Director of Finance.
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<br /> Section 4.. Pursuant to Section 133.30(B), Ohio Revised Code, the Fiscal Officer
<br />may combine the Notes with other notes into a single cormolidated issue of notes for purposes of
<br />their sale as a single issue, to be designated "Various Purpose General Obligation Bond
<br />Anticipation Notes, Series 1999"; such notes shall contain a summary statement of purposes
<br />encompassing the purpose for which the Notes are issued; shall state that they are issued
<br />pursuant to this ordinance; shall be issued in such numbers and denominations as may be
<br />requested by the original purchaser, and shall be executed by the Mayor and Fiscal Officer,
<br />provided that one of such signatures may be a facsimile signature. ~
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<br /> The Notes. pursuant to the terms set forth below, may also be issued to a
<br />Depository (as hereinafter defined) tbr use in a book-entry system (as hereinafter defined). The
<br />Director of Finance is hereby authorized and directed, to the extent necessary or required, to
<br />enter into any agreements determined necessary in connection with the authentication,
<br />immobilization, and transfer of Notes. including arrangements for the payment of principal and
<br />interest by ~vire transt%r, after determining that the execution thereof will not endanger the thnds
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<br />Roth,
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<br />: !t:q:F. 5,; \' 14282\KLF0307 D( )C: 1 ~
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