|
ORDINANCE NO. 22-03 By:
<br />
<br />PLACED ON 1ST READING & REFERRED TO THE
<br />¢~ANCEi~iCOMMITTEE 3/17/03.
<br />PLACED ON 2NDXREADING 4/7/03.
<br /> Corrigan, Dever, Dunn, FitzGemald,
<br /> George, Roth, Seelie.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $166,400
<br />Computer 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 computers and systems therefor
<br />for municipal purposes.
<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 l~om the date of issuance
<br />of the original notes; and -.
<br />
<br /> WHEREAS, this Council by a vote of at least five (5)memhers 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, OMo:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $166,400 for the purpose of acquiring computers and systems therefor
<br />for municipal purposes.
<br />
<br /> S.ection 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 shah 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'lqote~) in the
<br />principal amount of $166,400 shall be issued in anticipation of the issuance of said bonds for the
<br />above-described purpose. The Notes shall hear 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 fxom 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 hanks or trust companies, as
<br />determined by the Fiscal Officer, without deduction for exchange, collection or service charge.
<br />'Fiscal Officeq'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 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 200~'; 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 />
<br />{KLF2042;1 }
<br />
<br />
<br />
|