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<br />ORDINANCE NO
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<br />71-04
<br />
<br />BT Corrigan, Demro, Dever, Dunn, FitzGerald,
<br />Madigan, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance and sale of not to
<br />exceed $4,500,000 öfbonds for the purpose afpaying the costs of public improvements for the
<br />Rockport Square project, including land acquisition, environmental remediation, and certain
<br />public inftastructure improvements, including sidewalks and street improvements and public
<br />plazas.
<br />
<br />WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council
<br />that the estimated life of the aforesaid improvement and the maximum maturity of the bonds
<br />herein authorized; 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 ord:inance shall take effect
<br />at the earliest date possible as set forth in ARTICLE 111, SECTION 10 and 13 of the SECOND
<br />AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for the
<br />immediate preservatiou 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 bonds herein
<br />authorized are necessary to maximize interest cost savings in a fluctuating bond market;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio'
<br />
<br />SECTION I It is hereby declared necessary to issue Bonds (the "Bonds") of the
<br />City of Lakewood in the aggregate principal sum of uot to exceed $4,500,000 for the purpose of
<br />paying the costs of public improvements for the Rockport Square project, including land
<br />acquisition, environmental remediation, and certain public infrastructure improvements,
<br />induding sidewalks and street improvements and public plazas,
<br />
<br />SECTION 2. The Bonds shall be issued in one lot and notes not have been issued
<br />in anticipation of the Bonds. The Bonds may be issued in the denomination 'of $5,000 or any
<br />integral multiple of $5,000, but in no case·as to a particlÙar maturity date exceeding the principal
<br />amount maturing on that date. The Bonds shall be dated as detennined by the Fiscal Officer, but
<br />no later than December I, 2004
<br />
<br />The Bonds ,shall bear interest at the rate or rates of interest (computed on a 360-
<br />day per year basis) as specified in a certificate of award which shall be signed by the Fiscal
<br />Officer and provide for the award of the Bonds in accordance with Section 5 of this ordinance
<br />(the "Certificate of Award") Interest on the Bauds sbaH be payable semi-annuaHy each year on
<br />datesdetennined by the Fiscal Officer (the "Interest Payment Dates"), commencing no later than
<br />December 1, 200_, until the principal amount has been paid or provided for" The Bonds of any
<br />one maturity shall bear the sartle rate of interest. A particular Bond shall bear interest from the
<br />most recent date to which interest has been paid or provided for or, if no. interest has been paid or
<br />provided for, from their date. "Fiscal Officer" as used in this Ordinance means the City's
<br />Director of Finance.
<br />
<br />SECTION 3. The Bonds shaH bear interest (computed on a 360-day per year
<br />basis) at the rate or rates specified in the Certificate of Award, provided that the maximum
<br />average interest rate on the Bonds shall not exceed nine percent (9%) per annum. The Bonds
<br />. sball mature serially and aunuaHy on dates determined by the Fiscal Officer, commeucing no
<br />later than December 1, 2009 and eudiug no later than December I, 2024, and in such principal
<br />amounts as may be fixed by the Fiscal Officer in the Certificate of Award, provided, that the
<br />Bonds stated to mature in any year may be issued as tenn bonds (the "Tenn Bonds") payable
<br />pursuant to Mandatory Sinking Fund Redemption Requirements as hereinafter defined and
<br />further described below The Fiscal Officer, in fixing such years and such amounts, shall be
<br />consistent in the aggregate with the separate periodic maturities and principal payments
<br />detennined in accordance With the maximum maturities certified to this Council by the Fiscal
<br />Officer for each purpose specified in Section I hereof and the. requirements of Section 133.21,
<br />Ohio Revised Code. The Fiscal Officer shall detennine in the Certificate of Award whether any
<br />of the Bauds shall be issued as Tenn Bonds and any dates (the "Mandatory Redemption Dates")
<br />on which the priucipaI amount stated above shall be payable pursuant to Mandatory Sinking
<br />
<br />{KLF2636;1}
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