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1st READ/FIN 1/19/99.
<br />
<br />ORDINANCE NO. 8- 99
<br />
<br />PLACED ON 2nd READING 2/1/99
<br />BY:Corrigan, FitzGerald, George,
<br /> Seelie, Skindell,Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $644.000 1994
<br />Motorized Equipment Bond Anticipation Notes - 1999 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 tbr use in carry, lng out functions of various depamnents 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 11, 1995, which notes were retired with proceeds from notes in the
<br />principal amount 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 lxineipal amount of $805,000, which
<br />notes were dated May 9, 1996 and matured May 9, 1997, which notes were retired with
<br />proceeds from notes in the principal amount of $805,000, which notes were dated May 9, 1997
<br />and matured May 8, 1998, which notes were retired' with proceeds from notes in the principal
<br />amount of $805,000, which notes are dated May 7, 1998 and will maua-e May 7, 1999; and
<br />
<br /> WHEREAS, the Council of the City has determined that $161,000 is now
<br />available to apply against the principal of said notes and that after the application of said
<br />$161,000 to the payment thereof, the remaining outstanding principal of said notes (to wit,
<br />$644,000) shall be retired with the proceeds of new notes to be issued in anticipation of the
<br />issuance of bonds for the purpose bereinaiter 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 five (5) years and that the maximum
<br />manarity of notes issued in anticipation of said bonds is ten (I0) 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 obtain funds at the current low interest rotes to retire the outstanding notes;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cayahoga
<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 $644,000 for the purpose of acquiring motor vehicles and related
<br />equipment for use in carrying out functions of various deparmaents of the City.
<br />
<br /> Section 2. Said bonds shall be dated approximately March 1, 2000, 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 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 equal.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $644,000 shall be issued in anticipation of the issuance of said bonds for
<br />the above-described purpose. The Notes shall bear interest a~ a rote not exceeding the maximum
<br />interest rate of six per centare (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 rote of ten per centum (I 0%) 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 Officm 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 />Roth,
<br />
<br />:il I:ENIX~142g2\ K LF030t) I~'d.': 11
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