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PLACED ON 1ST READING & REFERRED TO THE
<br /> FINANCE COMMITTEE 3/17/03. PLACED ON 2ND
<br /> READING 4/7/03.
<br /> By: Corrigan, Dever, Dun~, FitzGerald,
<br /> George, Roth, Seelie.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $312,000
<br />Hilliard Road/Franklin Boulevard Improvement Bond Anticipation Notes, Series 2003 of the
<br />City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of improving
<br />Hilliard Road/Franklin Boulevard from Lakeland Avenue to Bunts Road by resurfacing and
<br />reconstructing sidewalks, curbs and drive aprons as necessary.
<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 fffieen(15) years and that the
<br />maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the
<br />date of issuance of the original notes~ and
<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 IH, 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 /> NOW, TI-IEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br /> County, Ohio:
<br /> Section 1. It is hereby.declared necessary to issue bonds of the City of LakewoOd
<br /> in the principal mount of $312,000 for the purpose of improving Hilliard Road/Franklin
<br /> Boulevard from Lakeland Avenue to Bunts Road by resurfaeing and reconstructing sidewalks,
<br /> curbs and drive aprons as necessary.
<br /> Section 2. Said bonds shall he dated approximately April 1, 2004, shall hear
<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 fffieen (15) 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 /> Section 3.- It is hereby determined that notes (hereinafter called the'~lote~) in the
<br /> principal mount of $312,000 shall be issued in anticipation of the issuance of said bonds for the
<br /> above-descrihed 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 he payable at maturity, with provision, if
<br /> requested by the purchaser, that, in the event of default, the same shall hear interest at a rate not
<br /> exceeding the maximum interest 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 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 /> 'Fmc. al Officet' as used in this ordinance means the City's Director of Finance, Acting Director of
<br /> Finance, or Assistant Director of Finance.
<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 he designated "Various Purpose General Obligation Bond
<br /> Anticipation Notes, Series 200J'; 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 />ORDINANCE NO. 26-03
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<br />(KLF2046;1}
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