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PLACED ON lST READING ~ REFERRED TO FINANCE CMTE
<br />10/2/00. PLACED ON 2ND READING 10/16/00.
<br />
<br />ORDINANCENO. 57-00 By: Corrigan, FitzGerald, George, Rotl
<br /> Seelie, Skindell, Smith.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $560,000 2000
<br />Fire Department Equipment Bond Anticipation Notes of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of acquiring fire department apparatus and
<br />equipment.
<br />
<br /> WHEREAS, pursuant tc Ordinance No. 14-00 passed February 22, 2000, the
<br /> Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in
<br /> the principal amount of $650,000 for the purpose hereinafter stated, which notes are dated March
<br /> 8, 1999 and will mature December 1, 2000; and
<br />
<br /> WHEREAS, the Council of the City has determined that $90,000 is now available
<br />· to apply against the principal of said notes and that after the application of said $90,000 to the
<br /> payment thereof, the remaining outstanding principal of said notes (to wit, $560,000) shall be
<br /> retired with the proceeds of new notes to be issued in anticipation of the issuance of bonds for
<br /> 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 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 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 $560,000 for the purpose of acquiring fire department apparatus and
<br /> equipment.
<br />
<br /> Section 2. Said bonds shall be dated approximately 3une 1, 2001, shall bear
<br /> interest at the ~stimated 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 $560,000 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 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 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 mast 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 /> 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 proposes of
<br /> their sale as a single issue, to be designated "Various Purpose General Obligation Bond
<br />
<br />{KLFO883.DOC;1 }
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