38-04 Motorized Vehicle Bond $1,056,000

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PLACED ON 1ST READING & REFERRED TO THE FINANCE COMMITTEE 4/5/04. ORDINANCE NO. 38-04 By: Corrigan. Demro. Dever, Dunn. FitzGerald, Madigan. Seelie. A}¡ EMERGENCY ORDINANCE to provide for the issuance of $1,056,000 Motorized Equipment Bond Anticipation Notes, Series 2004 of the City of Lakowood, Ohio, in anticipation of the issuance of bonds for the purpose of acquiring motorized equipment and appurtenances thereto.. WHEREAS, the Fiscal Officer has certified to this Council that the estimated life of the equipment hereinafter m~ntioned is at least five (5) years and has ,further certified the maximnm maturity of the hereinafter mentioned bonds is five (5) years and that the maximnm maturity of notes issued in anticipation of said bonds is ten (10) years from the date of issuance of the original notes; and WHEREAS, this Council by a vote of at least five (5) members elected thereto detennines that this ordinance is an emergency measure, and that this ordinance shall take effect at the earliest date possible as set forth in ARTICLE III, SECTION 10 and 13 of the SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for the immediate preservation of the public property, health and safety, and to provide for the daily operation of municipal departments in that the immediate issuance and sale of the notes herein anthorized is necessary to provide funds for the equipment nrgently needed to protect the health and safety of the citizens of the City; NOW, TIIEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $1,056,000 for the purpose of acquiring motorized equipment and appurtenances thereto. Section 2. Said bonds shall be dated approximately June I, 2005, shall bear interest at the estimated rate of five per centnm (5%) per annnm, payable semi-annually, until the principal snm is. paid, and shall mature in snch five (5) annual principal installments after their issuance that the total principal and interest payments in any year in which principal is payable is snbstantiallyequal. Section 3. It is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $1,056,000 shall be issued in anticipation of the issuance of s"aid bonds for the above-described purpose~ The Notes shall bear interest at a rate not exceeding the maximnminterest rate of six per centum (6%) per ann1J111,as maybe fixed by the Fiscal Officer in his certificate awarding the Notes, such interest to be payable at maturity, with provision, if requested by the purchaser, that. in the event of default. the same shall bear interest at a rate not exceeding the maximum interest rate of ten per centum (10%) per annum until the principal sum is paid; shall be dated their date of issuance and shall mature on a date between six months and twelve months ftom such date, as detennined by the Fiscal Officer; shall not be subject to redemption by the City at any time prior to maturity; and shall be payable as to both principal and interest at the office of the Fiscal Officer of the City, or at banks or trust companies, as detennined by the Fiscal Officer, without deduction for exchange, collection or service charge. "Fiscal Officer" as used in this ordinance means the City's Director of Finance, Acting Director of Finance, or Assistant Director of Finance. Section 4. Pnrsuant to Section 133.30(B), Ohio Revised Code, the Fiscal Officer may combine the Notes V(ith other notes into a single consolidated issue of notes f9r purposes of their sale as a single issue, to be designated "Varions Purpose General Obligation Bond Anticipation Notes, Series 2004"; such notes shall contain a summary statement of purposes encompassing the purpose for which the Notes are issued; shall state that they are issued pursuant to this ordinance; shall be issued in such numbers and denominations as may be reqnested by the original purchaser; and shall be executed by the Mayor and Fiscal Officer, provided that one of such signatures. may be a facsimile signature. The Notes. pursuant to the tenns set forth below, may also be issued to a Depository (as hereinafter defined) for nse in a book-entry system (as hereinafter defined). The {KLF2562DOC;1}