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PLACED ON 1ST READING a REFERRED TO THE
<br />FINANCE COMMITTEE 3/17/03. PLACED ON 2ND
<br />READING 4/7/03.
<br />
<br />ORDINANCE NO. 18-03
<br />
<br />By: Corrigan, Dever, Dunn, FitzGearld,
<br /> George, Roth, Seelie. ~
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $1,155,000
<br />Wastewater Treatment Plant Improvement Bond Anticipation Notes, Series 2003 of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of improving sanitary
<br />sewers and the City's wastewater treatment plant.
<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 for the
<br />immediate preservation of the public property, health and safety, and to provide for the d~ily
<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 /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio:
<br />
<br /> Section 1.' It is hereby declarelt necessary to issue bonds of the City of Lakewood
<br />in tlfe principa~ amount of $1,155,000 for the pUrPose of improving sanitary sewers and the City's
<br />wastewater treatment plant.
<br />
<br /> Section2. 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 twenty (20) annual principal installments after
<br /> their isstlance 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'lXlote§) in the
<br /> principal amount of $1,155,000 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, 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 /> 'F'mcal Office?'as used in this ordinance means the City's Dkector of Finance, Acting Director of
<br /> 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
<br /> their sale as a single issue, to be designated 'Various Purpose General Obligation Bond
<br /> Anticipation Notes, Series 2003'; 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 mfiy 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
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<br />{KLF2038;I}
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