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i$T ~EAD/F~N 1/19/99.
<br /> PLACED ON Znd READING 2/1/99
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<br />ORDINANCE NO. 7 - 99
<br />
<br />By:Corrigan, FitzGerald, George,
<br /> Seelie, Skindell, Smith
<br />
<br /> AN EY. IERGENCY ORDINANCE to provide for the issuance of $48,000 Fire
<br />Department Equipment Bond Anticipation Notes of the City of Lakexvood. Ohio, in anticipation
<br />of the issuance of bonds tbr the purpose of acquiring fire department apparatus and equipment.
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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 ten (10) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is fifteen (15) years from the date of
<br />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 ~vetfare in the City and
<br />for the fiu-daer reason that the immediate issuance and sale of the notes herein authorized is
<br />necessary to provide thnds for the equipment urgently needed to protect the safety and health of
<br />the citizens of the City;
<br />
<br /> NOW. THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio:
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<br /> Section I. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal araount of $48,000 for the purpose of acquiring fire department apparatus and
<br />equipment.
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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 centare (5%) per annum, payable semi-annually, until the
<br />principal sum is paid. and shall mature in such ten (I0) annual principal installments after their
<br />issuan~ that the total principal and interest payments in any year in which principal is payable is
<br />substamially equal.
<br />
<br /> Sectigr~ .3. -It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $48,000 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 exceeding 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 interest 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 often per centum (10%) per annum until the principal sum
<br />is paid; shall be dated their date of issuance and shall mature 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 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.
<br />
<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 consolidated 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 the3' 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.
<br />
<br /> The Notes. pursuant to the terms set forth below, may also be issued to a
<br />Depositor5.'/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 x~4re transfer, after determining that the execution thereof will not endanger the funds
<br />
<br />Roth,
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<br />11 l:~ FENIX~, 142~:2 KI.IrO3OI',.Dt Iff. I ~
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