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PLEASE SUBSTITUTE FOR ORDINANCE NO. $1-00 PLACED
<br /> ON 1ST READING ~ REFERRED TO FINANCE i~/2/00, PLACED
<br />ON SECOND READING 10/16/00..
<br />
<br />ORDINANCENO. $1-00 By: Corrigan, FitzGerald, George,
<br /> Roth, Seelie, Skindell, Smith.
<br />
<br /> AN Elv[ERGENCY ORDINANCE to provide for the issuance of $600,000
<br />Municipal Buildings Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of
<br />the issuance of bonds for the purpose of renovating, furnishing and equipping municipal
<br />buildings and improving sites.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 5-99 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 $600,460 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 $600,460, 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 $460 is now available to
<br />apply against the principal of said notes and that after the application of said $460 to the payment
<br />thereof, the remaining outstanding principal of said notes (to wit, $600,000) shall be retired with
<br />the proceeds of new notes to be issued in anticipation of the issuance of bonds for the purpose
<br />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 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, 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 $600,000 for the purpose of renovating, furnishing and equipping
<br /> municipal buildings and improving municipal sites.
<br />
<br /> Section 2. Said bonds shall be dated approximately June 1, 2001, shall bear
<br /> interest at the estimated rate of five per centare (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 (herdnafter called the '~lotes") in
<br /> the principal amount of $600,000 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 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 tho 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 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.
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<br />{KLF0876.DOC;1 }
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