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?LACED ON 1st READING ~ REFERRED
<br />TO FINANCE CO~ITTEE S/3/99.
<br />Placed on 2nd Reading S/17/99
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<br />ORDINANCE NO. 2 4 - 9 9
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<br /> By: Corrigan, FitzGerald, George,
<br />Roth, Seelie, Skindell, Smith
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<br /> AN EMERGENCY ORDINANCE to provide for the issuance of not to exceed
<br />$575,000 1999 Belle Avenue Bond Anticipation Notes - City's Portion of the City of Lakewood,
<br />Ohio, in anticipation of the issuance of bonds for the purpose of paying the City's portion of the
<br />cost of improving Belle Avenue from Madison Avenue to Bayes Avenue by reconstruction and
<br />replaeemant of the base and resurfaeing with reinforced concrete, including the necessary
<br />installation and replacement of curbs, aprons and sidewalks, together with all necessary
<br />appurtenances thereto, and tree lawn restoration.
<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 twenty (20) years and that the
<br />maximum maturity of notes issued in anticipation of said bonds is December 31, 2004; 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 improvement, which is urgently needed to
<br />protect the safety and health of the citizens of the City;
<br />
<br /> NOW, THEREFORE, 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 not to exceed $575,000 for the purpose of paying the City's portion of
<br />the cost of improving Belle Avenue from Madison Avenue to Bayes Avenue bY reconstruction
<br />and replacement of the base and resurfacing with reinforced concrete, including the necessary
<br />installation and replacement of curbs, aprons and sidewalks, together with all necessary
<br />appurtenances thereto, and tree lawn restoration.
<br />
<br /> Section 2. Said bonds shall be dated approximately June 1, 2000, shall bear
<br />interest at the estimated rate of five per eenmm (5%) per armum, 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 interest payments in any year in which principal is
<br />payable is substantially equal.
<br />
<br /> Section 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of not to exceed $575,000 shall be issued in anticipation of the issuance of
<br />said bonds for the above-described purpose. The Notes shall be in such principal amount and
<br />shall bear interest at a rare not exceeding the maximum interest rate of six per eentum (6%) per
<br />annum, as may be fixed by the Fiscal Officer in her certificate awarding the Notes, such interest
<br />to be payable at maturity, with provision, if requested by the purchaser, that, in the event of
<br />default, the same shall bear interest at a rate not exceeding the maximum interest rate of ten per
<br />cemum (I 0%) per annum until the principal sum is paid; shall be dated their date of issuance and
<br />shall mature on a date between three months and one year from such date, as determined by the
<br />Fiscal Officer; shall not be subject to redemption by the City at any time prior to maturity, unless
<br />requested by the original purchaser; and shall be payable as to both principal and interest at the
<br />office of the Fiscal Officer of the City, or at banks or mast 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. The Notes shall be designated "1999 Belle Avenue Bond Anticipation
<br />Notes - City's Portion; shall state the purpose for which the Notes are issued; shall state that they
<br />are issued pursuant to this ordinance; shall be issued in such numbers and denominations as may
<br />be 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 />Depository (as hereinafter defined) for 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
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<br />{KLF0345; t }
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