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ORDINANCE NO. 9-99
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<br />1ST RF~I)/FIN 1/19/99.
<br /> PLACED ON 2ndREADING 2/1/99
<br /> By:Corrigan, Fit:Gerald, George,
<br /> Seelie, Skindell, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $481.800 1995
<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 motorized vehicles tbr
<br />various departments of the City,.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 14-95 passed April 3, 1995, the Council
<br />of the City authorized the issuance of notes in anticipation of the issuance of bonds in the
<br />principal amount of $481.800 for the purpose hereinafter stated, which notes were dated May I 0,
<br />1995 and matured on May 10, 1996. which notas were retired with proceeds from notes in the
<br />principal amount of $481,800, which notes wer~ dated May 9, 1996 and matured May 9, 1997,
<br />which notes were retired with proceeds from notes in the principal amount of $481,800, which
<br />notes were dated May 9, 1997 and matured May 8, 1998, which notes were retired with proe~ds
<br />from notes in the principal amount of $481,800, which notes are dated May 7, 1998 and will
<br />mature May 7, 1999; and
<br />
<br /> WHEREAS, the Council of the City has d~termined that the outstanding principal
<br />of said notes shall be funded by the issuance of new notes in the principal amount of $481,800 in
<br />anticipation of the issuance of bonds for the purpose hereinafter stated; and
<br />
<br /> V~ztEREAS, 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 />maturity of notes issued in anticipation of said bonds is t~n (10) years fi.om the date of issuance
<br />of the original notes; and
<br />
<br /> WHEREAS, this ordinance is an emergency memure 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 rates to retire the outstanding notes;
<br />
<br /> NOW, THERI~FORE. 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 $481,800 for the purpose of acquiring motorized vehicles for various
<br />deparunents of the City.
<br />
<br /> Section 2. Said bonds shall be dated approximately March 1, 2000, shall bear
<br />interest at thc 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) annuat principal installments after their
<br />issuance that the total principal and interest payments in any year in ~vhich principal is payable is
<br />substantially equal.
<br />
<br /> Section ~. It is hereby determined that noms (hereinafter called the "Notes") in
<br />the principal amount of $481,800 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 centare (6%) per annam, 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 centurn (I0%) 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 />
<br />Roth,
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<br />111:'.I:ENIX~. 14282~KLF0310, PA)C:
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