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PLACBD ON 1ST RBADING ~ RBFBRRED TO FINANCB CMTB
<br />10/2/00. PLACBD ON 2ND RBADING 10/16/00.
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<br />ORDINANCENO. 49-00 By: Corrigan, FitzGerald, George,
<br /> Roth, Seelie, Skindell, Smith.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $38,125 1999
<br />Belle Avenue Bond Anticipation Notes - Property Owners' Portion of the City of Lakcwood,
<br />Ohio, in anticipation of the issuance of bonds for the purpose of paying the property owners'
<br />portion, in anticipation of the le~ and collection of special assessments, of the cost of improving
<br />Belle Avenue from Madison Argue to Bayes Avenue by ~econstmcfion and replacement of the
<br />base and resurfacing with reinforced concrete, inelud/ng the necessary installation and
<br />replacement of curbs, aprons and sidewalks, together with all neeess .aD' appurtenances thereto,
<br />and tree lawn restoration.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 4-99 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 $141,000 for the purpose hereinafter stated, which notes were dated
<br />March 10, 1999 and matured on March 10, 2000, which notes were retired with proceeds from
<br />notes in the principal amount of $141,000, which notes are dated March 8, 1999 and will mature
<br />December 1, 2000; and
<br />
<br /> WHEREAS, the Council of the City has determined that $102,875 is now
<br />available to apply against the principal of said notes and that after the application of said
<br />$102,875 to the payment thereof, the remaining outstanding principal of said notes (to wit,
<br />$38,125) shall be retired with the proceeds of new notes to be issued in anticipation of the
<br />issuance of bonds for the purpose hereinat%er stated; and
<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 hereinaiter mentioned bonds is five (5) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is December 31,2004; 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, 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 $38,125 for the purpose of paying the property owners' portion, in
<br />anticipation of the levy and collection of special' assessments, of the cost of improving Belle
<br />Avenue from Madison Avenue to Bayes Avenue. by reconstruction and replaCement of the base
<br />and resurfacing with reinfomed concrete, including the necessary installation and replacement of
<br />curbs, aprons and sidewalks, together with all necessary appurtenances thereto, and tree lawn
<br />restoration.
<br />
<br /> Section 2. Said bonds shall be dated approximately June 1, 2001, 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 five (5) 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 $38,125 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 eentum (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 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 six months and
<br />twelve months from such date, as determined by the Fiseai Officer; shall not be subject to
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<br />{KLF0874,DOC;I }
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