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ORDINANCE NO.
<br />
<br />16-03
<br />
<br />PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 3/17/03.
<br />PLACED ON 2ND READING 4/7/03.
<br />By: Corrigan, Dever, Dunn, FitzGerald,
<br /> George, Roth, Seelie.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $201,500
<br />Motorized Equipment Bond Anticipation Notes, Series 2003 of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of acquiring motorized equipment and
<br />appurtenances thereto.
<br />
<br /> WHEREAS, the Fiscal Officer has certified to this Council that the estimated life
<br />of the' equipment hereinafter mentioned is at least five (5) years and has further certified the
<br />maximum maturity of the hereinafter mentioned bonds is five (5) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is ten (10) years ~om the date of issuance
<br />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 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 equipment urgently needed to protect the health
<br />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 $201,500 for the purpose of acquiring motorized equipment and
<br />appurtenances thereto.
<br />
<br /> Section 2. Said bonds shall be dated approximately April 1, 2004, 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 five (5) 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'Noteg) in the
<br />principal amount of $201,500 shall be issued in anticipation of the issuance of said bonds for the
<br />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 fzxed 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 interegt rate. of ten 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 h~terest 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 Officei'as used in this ordinance means the City's Director of Finance, Acting Director of
<br />Finance, or Assistant Director of Finance.
<br />
<br /> Section 4. Pursuant to Section 133.30(B), Ohio Reyised 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 '%rarious Purpose General Obligation Bond
<br />Anticipation Notes, Series 200T; 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 boole-entry system (as hereinafter defined). The
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<br />{KLF2036;1)
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