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PLACBD ON 1ST RBADING ~ RBMERRBD TO
<br />FINANCE COI~qITTEB 1/18/00. PLACED ON
<br />2ND READING 2/7/00.
<br />
<br />ORDINANCE NO.. 9 - 0 0
<br />
<br />Corrigan, George, Roth, Seelie,
<br />Skindell,~Smith.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $90,000
<br />Recreational Facilities Improvement Bond Amieipafion Notes of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of acquiring and installing equipment at
<br />Webb Park and a feasibility study at Lakewood Park.
<br />
<br /> WHEREAS, the Fiscal Officer has certified to this Council that the estimated life
<br />of the improvements hereirmt~r 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
<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 provide funds for the equipment urgently needed to promote 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:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $90,000 for the purpose of acquiring and installing equipment at
<br />Webb Park and a feasibility study at Lakewood Park.
<br />
<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 (10) 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 $90,000 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 eentum (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 from such date, as determined by the Fiscal Officer; shall not be subject to
<br />redemption by the City at any lime 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 />
<br />encon~passing the purpose for wl~ich the Notes are issued; shall state that they 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 />Depositbry (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 />emer 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 />
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