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PLACED ON 1sr READING & REFERRRED
<br /> TO THE FINANCE COMMITTEE 3/18/02
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<br />ORDINANCE NO. 86-02 By:
<br />
<br />Corrigan, Dunn, FitzGerald, George
<br /> Roth, Seelie, Skindell
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $56,000 West
<br />Forest Drive Improvement Bond Anticipation Notes - Property Owners' Portion of the City of
<br />Lakewood, Ohio, in anticipation of the issuance.of bonds for the purpose of paying the property
<br />owners' portion, in anticipation of the levy and collection of special assessments, of the cost of
<br />improving West Forest Drive from Lake Road southerly to a cul-de-sac 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 necessary
<br />appurtenances thereto.
<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 December 31, 2007; 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 llI, SECTION 10 and 13 of the SECOND
<br />AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for the
<br />immediate preservation of the public property, health and safety, and to provide for the daily
<br />operation of municipal deparm~ents in that the immediate issuance and sale of the notes herein
<br />authorized is necessary to provide funds for the construction of the improvements urgently
<br />needed to protect the health and safety of the citizens of 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 mount of $56,000 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 West
<br />Forest Drive from I~ake Road southerly to a cul-de-sac bY reconstruction and replacement of the
<br />base and resurfacing with reiflforced concrete, including the necessary installation and
<br />replacement of curbs, aprons and sidewalks, together with all necessary appurtenances thereto.
<br />
<br /> Section 2. Said bonds shall be dated approximately May 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 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 mount of $56,000 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 her
<br />certificate awarding the Notes, such interest to be payable at maturity, ~vith 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 centurn (10%) per annum until the principal sum
<br />is paid; shall be dated their date of issuance and shall mature on a date between nine months and
<br />one year from such date, as determined by the Fiscal Officer; shall not be subject to redemption
<br />by the Cityat any time prior to maturity; and shall be payable as to both princiPal and interest at
<br />the office of the Fiscal Officer of the City, or at banks'or trust companies, as determined by the
<br />~Fiscal Officer, without deduction for exchange, collection or service charge. "Fiscal Officer" as
<br />used in this.ordinance means the City's 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
<br />their sale as a single issue, to be designated "Various Purpose General Obligation Bond
<br />Anticipation Notes, Series 2002"; such notes shall contain a summary statement of purposes
<br />encompassing the purpose for which the Notes are issued; shall state that they are issued
<br />pursuant to this ordinance; shall be issued in such numbers and denominations as may be
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<br />{KLFI$67.DOC;I )
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