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PLACED ON 1ST READING & REFERRED TO THE FINANCE
<br />COMMITTEE 3/1'7/03. PLACED ON 2ND READING 4/7/03.
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<br />ORDINANCE NO. 21-03
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<br />By: ~Corrigan, Dever, Dunn, FitzGerald,
<br /> LGeorge,' Roth,. Seelie.
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<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $50,000 Tree
<br />Planting Bond Anticipation Notes, Series 2003 of the City of Lakewood, Ohio, in anticipation of
<br />the issuance of bonds for the purpose of improving streets and municipal properties by clearing,
<br />trimming and planting trees.
<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 (10) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is fifteen (15) years from the date of
<br />issuance of the original notes; and
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<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 construction of the improvements urgently
<br />needed to protect the health and safety of the citizens oftbe City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio:
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<br /> Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $50,000 for the purpose of improving streets and municipal properties
<br />by clearing, trimming and planting trees.
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<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-annnally, 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.
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<br /> Section 3. It is hereby determined that notes (hereinafter called the'~qoteg) in the
<br />principal amount of $50,000 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 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 Director of Finance, Acting Director of
<br />Finance, or Assistant Director of Finance.
<br />
<br /> Section4. 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 '%zarious 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 hereinatter defined). The
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<br />{KLF2041;1 }
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