|
PLACED ON 1sr READING & REFERRRED
<br /> TO THE FINANCE COMMITTEE 3/18/02
<br />
<br />ORDINANCE NO. 96-02 B~.
<br />
<br />Corrigan, Duma, FitzGerald, George
<br /> Roth, Seelie, Skindell
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $675,000
<br />Municipal Buildings Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of renovating, furnishing and equipping
<br />municipal buildings and improving sites.
<br />
<br /> WHEREAS, the Fiscal Officer has certified to this Council that the estimated life
<br />of the. acquisition hereinafter mentioned is at least five (5) years and has further certified the
<br />maximum maturity of the hereinafter mentioned bonds is at least twenty (20) years and that the
<br />maximum maturity of notes issued in anticipation of said bondsAs twenty (20) years from the
<br />date of issuance of the original notes; and
<br />
<br /> WHEREAS, this Council by a vote of at least five (5) members elected there2o
<br />determines that tliis 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 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 $675,000 for the purpose of renovating, furnishing and equipping
<br />municipal buildings and improving sites.
<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 paih, 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 (hereinafter called the "Notes") in
<br />the principal amount of $675,000 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 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 of ten per eenmm (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 City at any time priox 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 cqnsolidated issue of notes for purposes of
<br />their sale as a single issue~ to be designated "Varibus 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 />
<br />{KLF1577.DOC;l }
<br />
<br />
<br />
|