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PLACED ON tST"fREADING ~ REFERRED TO
<br />FINANCE COMMITTEE 1718/00.r~PLACED ON
<br />2nd READING 2/?/00.
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<br />ORDINANCE NO. '.' 5 - 0 0
<br />
<br />By:Corrigan, FitzGerald, George,Roth
<br /> Seelie, Skindell, Smith.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $50,000 1999
<br />Tree Planting Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of the
<br />issuance of bonds for the purpose of improving streets and municipal properties by clearing,
<br />trimming and planting trees.
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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 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 improvements, which are urgently needed to protect the safety
<br />and health of 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 1. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $50,000 for the purpose of improving streets and municipal properties
<br />by clearing, trimming and planting trees.
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<br /> Section 2. Said bonds shall be dated approximately December 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 ten (I0) 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.
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<br /> Section 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $50,000 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 five months and
<br />eleven months fi'om such date, as determined bY the Fiscal Officer; shall not be subject to
<br />redemption by the City at any time prior to maturity; and shall be payable as to both principal
<br />and interest at the office of the Fiscal Officer of the City, or at banks or trust companies, as
<br />determined by the Fiscal Officer, without deduction for exchange, collection or service charge.
<br />"Fiscal Officer" as used in this ordinance means the City's Director of Finance, Acting Director
<br />of Finance, or Assistant 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 2000A"; such notes shall contain a summary statement of purposes
<br />encompasmng the purpose fbr which the Notes are issued; shall ~tate that they are ~ssueu
<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 />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
<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 />
<br />[PLD0434. DOC;I } ~ ~
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