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PLACED ON 1sr READING & REFERRRED
<br /> TO THE FINANCE COMMITTEE 3f15/02
<br />
<br />ORDINANCE NO. 93-02 By:
<br />
<br />Corrigan, Dunn, FitzGerald, George
<br /> Roth, Seelie, Skindell
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $585,000 2002
<br />Street Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of
<br />the issuance of bonds for the purpose of improving certain streets designated by Council by
<br />resurfacing~ repairing cUrbs and improving traffic signalization.
<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 fifteen (15) years and that the
<br />maximum 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 I11, 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 departments 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 amoUnt of $585,000 for the purpose of improving certain streets designated by
<br />Council by resurfacing, repairing curbs and improving traffic signalization.
<br />
<br /> Section 2. Said bonds shall be dated approximately May 1, 2003, 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 mumm in such fifteen (15) annual principal installments after
<br />their issuance that/he total pringipal and interest payments in 'any year in which principal is
<br />payable is substantially equal.
<br />
<br /> Section 3. It is hereby detcrmined that notes ('hereinafter called the "Notes") in
<br /> the principal amount of $585,000 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 centare (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, 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 centare (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 fi:om such date, as determined by the Fiscal Officer; shall not be subject to redemption
<br /> by the City at 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, ~ determined by the
<br /> Fiscal Officer, without deduction for exchange, collection or service charge. "Fiscal Officer" as
<br /> itsed in this ordinance means the City's Director of Finance.
<br />
<br /> Section 4. Pursuant to Section 133.300!!), Ohio Revised Code, the FisCal Officer
<br />may combine the Notes with other noies into a single consolidated issue of notes for pm, looses 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
<br />requested by the original pUrchaser; and shall be executed by the Mayor and Fiscal Officer,
<br />provided that one of such signatures may be a facsimile signature.
<br />
<br /> The Notes, pursuant to the terms set forth below, may also be issued to a
<br /> Depository (as hereinafter defined) for use in a book-entry system (as hereinafter defined). The
<br /> Director of Finance is hereby authorized and directed, to the extent necessary or required, to
<br /> enter into any agreements determined necessary in connection with the authentication,
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<br />{KLF1574.DOC;1 }
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