|
<br />PLACED ON 1ST READING & REFERRED TO FINANCE CMTE
<br />10(2(00. PLACED ON 2ND READING 10(16(00.
<br />
<br />ORDINANCE NO 48-00
<br />
<br />By Corrigan, FitzGerald, George, Roth,
<br />Seelie, Skindell, Smit~.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $536,000 Police
<br />Communication Equipment Bond Anticipation Notes of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of acquiring communication equipment for
<br />the police and fire departments of the City
<br />
<br />WHEREAS, pursuant to Ordinance No 2-99 passed February 16, 1999, the
<br />Council of 'the City authorized the issuance of notes in anticipation of the issuance of bonds in
<br />the principal amount of $536,200 for the purpose hereinafter state, which notes were dated
<br />March 10, 1999 and matured Márch 10, 2000, which notes were retired "With proceeds from notes
<br />in the principal amount of $536,200, which notes are dated March 8, 2000 and will mature
<br />December I, 2000; and
<br />
<br />WHEREAS, the Council of the City has determined that $200 is now available to
<br />apply against the principal of said notes and that after the application of said $200 to the payment
<br />thereof, the remaining outstanding principal of said notes (to wit, $536,000) shall be retired with
<br />the proceeds òfnew notes to be isslJed in anticipation of the issuance of bonds for the purpose
<br />hereinafter stated; and -
<br />
<br />WHEREAS, tbe Fiscal Officer bas 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 fifteen (15) years and that the
<br />niaximUIrt maturity of notes issued in anticipation of said bonds is twenty (20) years ftom the
<br />date of 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 to enable the City to retire the outstanding notes at maturity and
<br />thereby preserve the City's credit;
<br />
<br />NOW, TIIEREFORE, 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 $536,000 for the purpose of acquiring connnunication equipment for
<br />the police and fire departments of the City
<br />
<br />Section 2 Said bonds shall be dated approximately June I, 2001, sball 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 fifteen (15) annual principal installments after
<br />their issuance that the total principal and interest payments in any year in which prillcipal is
<br />payable is substantially equal
<br />
<br />Section 3. It is hereby detennined that notes (hereinafter called the "Notes") in
<br />the principal amount of $536,000 sball be issued in anticipation of the issuauce 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 his or the
<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 aud shall mature on a date between six months aud
<br />twelve months ftom such date, as determined hy 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 />detennined 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 />{KLF0866.DOC;1}
<br />
|