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PLACED ON 1ST READING ~ REFERRED TO FINANCE CMTE
<br />10/2/00. PLACED ON 2ND READING 10/16/00.
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<br />ORDINANCBNO. 50-00 By: Corrigan, FitzGerald, George, Roth,
<br /> Seelie, Skindell, Smith.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $254,000 1999
<br />Belle Avenue Bond Anticipation Notes - City's Portion - 2000B Renewal of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for the.purpose of paying the City's
<br />portion of the cost of improving Belle Avenue from Madison Avenue to Bayes Avenue by
<br />reconsu-action and replacement of the base and resurfacing with reinforced concrete, including
<br />the necessary installati,on and replacement of curbs, alSrons and sidewalks, together with all
<br />necessary appurtenances thereto, and tree lawn restoration.
<br />
<br /> WI-IEKEAS, pursuant to Ordinance No. 24-99 passed June 7, 1999, the Council of
<br />the City authorized the issuance of notes in anticipation of the issuance of bonds in the principal
<br />mount of $575,000 for the purpose hereinafter stated, which notes were dated June 24, 1999 and
<br />n~atured March 10, 2000, which notes were retired with proceeds from notes in the principal
<br />amount of $575,000, which notes are dated March 8, 2000 and will mature December 1, 2000;
<br />and
<br />
<br /> WHEREAS, the Council of the City has determined that $321,000 is now
<br />available to apply against the principal of said notes and that after the application of said
<br />$321,000 to the payment thereof, the remaining outstanding principal of said notes (to wit,
<br />$254,000) shall be retired with the proceeds of new notes to be issued in anticipation of the
<br />issuance of bonds for the purpose hereinafter 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 hereinafter mentioned bonds is twenty (20) years and that the
<br /> maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the
<br /> date 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, 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 $254,000 for the purpose of paying the City's portion of the cost of
<br /> improving Belle Avenue from Madison Avenue to Bayes Avenue by reconstruction and
<br /> replacement of the base and resurfacing with reinforced concrete, including the necessary
<br /> installation and replacement of curbs, aprons and sidewalks, together with all neq. essary
<br /> appurtenances thereto, and tree lawn 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 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 $254,000 shall be issued in anticipation of the issuance of said bonds for
<br /> the above-described purpose. The Notes shall be in such principal amount and shall bear interest
<br /> at a rate not exceeding the maximum interest rate of six per centare (6%) per annum, as may be
<br /> fixed by the Fiscal Officer in his or the certificate awarding the Notes, such interest to be payable
<br /> at maturity, with provision, if requested by the purchaser, that, in the event of default, the same
<br /> shall bear interest at a rate not exceeding the maximum interest rate often per centum (10%) per
<br /> annum until the principal sum is paid; shall be dated their date of issuance and shall mature on a
<br /> date between six months and twelve months from such date, as determined by the Fiscal Officer;
<br /> shall not be subject to redemption by the City at any time prior to maturity, unless requestedby
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<br />{KLF0875.DOC;1 }
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