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PLACED ON 1ST READING & llEFF2IRED TO THE
<br />FINANCE COMMITTEE 6/17/02.
<br />
<br />ORDINANCE NO. 124-02
<br />
<br />By: Corrigan, Dunn, FitzGerald, George,
<br /> Roth, Seelie, Skindell.
<br />
<br /> A2q EMERGENCY ORDINANCE to provide for the issuance of $880,000
<br />Hilliard Road Improvement Bond Anticipation Notes - Watermains of the City of Lakewood,
<br />Ohio, in anticipation of the issuance of bonds for the purpose of improving Hilliard Road by
<br />replacing watermains, together with any necessary appurtenances.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 33-01, passed on July 2, 2001, the
<br />Council of the City authorized the issuance of notes iQ anticipation of the issuance of bonds in
<br />the aggregate principal amount of $1,100,000 for the purpose hereinafter stated, which notes are
<br />dated August 16, 2001 and will mature on August 16, 2002; and
<br />
<br /> WHEREAS, the Council of the City has. determined that $220,000 is now
<br />available to apply against the principal of said notes and that after the application of said
<br />$220,000 to the payment thereof the remaining outstanding principal of said notes (to wit,
<br />$880,000) shall be funded by the issuance of new notes in anticipation of the issuance of bonds
<br />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 forty (40) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is twenty (20) years from the date of
<br />issuance of the original notes; and
<br />
<br /> WHEREAS, this Council by a vote of at least five (5) members elected thereto
<br />determines that this ordinance is an emergency measure, and that this ordinance shall take effect
<br />at the earliest date possible as set forth in ARTICLE III, SECTION 10 and 13 of the SECOND
<br />AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary to provide
<br />funds to retire the outstanding notes which are about to mature and .thereby protect the credit of
<br />the City;
<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 $880,000 for the purpose of improving Hilliard Road by replacing
<br />watermains, together with any necessary appurtenances.
<br />
<br /> Section 2. Said bonds shall be dated approximately August' 1, 2003, 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 imtallments 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 $880,000 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 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 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.
<br />
<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 purposes of
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<br />{KLFI756.DOC;I }
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