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<br />ORDINANCE NO 92-04
<br />
<br />PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 10/4/04. PLACED ON
<br />2ND READING 10/18/04.
<br />By' Corrigan, Demro, Dever, Dunn.
<br />FitzGerald, Madigan, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $2,300,000
<br />Wastewater System Improvement General Obligation Bond Anticipation Notes, Series 2004 of
<br />the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of
<br />improving the City's wastewater and storm water collection system
<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 forty (40) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is twenty (20) years from the date of
<br />issuance of the original notes; 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 ordinance shall take effect
<br />at the earliest date possible as set forth in ARTICLE ill, SECTION 10 and 13 of the SECOND
<br />AMENDED CHARJER OF THE CITY OF LAKEWOOD, and tliat 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 />
<br />County, Ohio·
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewaod, Cuyahoga
<br />
<br />Section 1. It is hereby declared necessary to issue bonds of the City of Lake wood
<br />in the principal amount of $2,300,000 for the purpose of improving the City's wastewater and
<br />storm water collection system.
<br />
<br />Section 2. Said bonds shall be dated approxìmately June I, 2005, shall bear
<br />interest at the estin:lated rate of five per centum (5%) per annum, payable semi-annually, until the
<br />principal sum is paid, and shall mature in such twep.ty (20) 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 />
<br />Section 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br />the principal amount of $2,300,000 shall be issued ìn anticipation of the issuance of said bonds
<br />for the above-described purpose The Notes shall bear interest at a rate not exceeding the
<br />maximum interest rate of six per centum (6%) per annum, as may be fixed by tbe Fiscal Officer
<br />in his 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, inclusive, as detennined by the Fiscal Officer; shall not be subject
<br />to redemption by the City at any time prior to maturity; and shall be payable as to hoth 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; col1ection or service charge,
<br />"Fiscal Officer" as used in this ordinanc,e means the City's Director of Finance, Acting Director
<br />of Finance, or Assistant Director of Finance,
<br />
<br />Section 4 The Notes shaH be designated "Wastewater System Improvement
<br />General Obligation Bond Anticipation Notes, Series 2004"; shall state the purpose which the
<br />Notes are issued; shall state that they are issued pursuant to this ordinance; shall be issued in
<br />such numbers and denominations as may be requested by the original purchaser; and shall be
<br />executed by the Mayor and Fiscal Officer, provided that one of such signatures may be a
<br />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 Cas hereinafter defmed) The
<br />Fiscal Officer is hereby authorìzed and directed, to the extent necessary or required, to enter into
<br />any agreements detennined necessary in connection with the authentication, immobilization, and
<br />
<br />{KLF2803;1}
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