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<br />PLACED ON 1ST READING & REFERRED TO THE FINANCE
<br />COMMITTEE 4/18/05, PLACED ON 2ND READING 5/2/05.
<br />
<br />ORDINANCE NO
<br />
<br />35-05
<br />
<br />By· Corr:!:.gan, Dever, Dunn, FitzGerald,
<br />Madigan, Seel~e.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $90,000 Traffic
<br />Signalization Bond Anticipation Notes, Series 2005 of the City of Lakewood, Ohio, in
<br />anticipation of the issuance. of bonds for the purpose of improving streets by improving traffic
<br />signalization
<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 twenty (20) years and that the
<br />IDaXimwn 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 />
<br />WHEREAS, this Council by a vote of at least five (5) members elected thereto
<br />detennines that this ordinance is an emergency measure, and that this ordinance shÍiII take effect
<br />at tI¡e earliest date possible as set forth in ARTICLE III, SECTION 10 and 13 of the SECOND
<br />AMENDED CHARTER OF TIffi CITY OF LAKEWOOD, and that it is necessary for the
<br />i1IIIjiediate 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 />auth,orized 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 />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio:
<br />
<br />Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $90,000 for the purpose of improving streets by improving traffic
<br />signalization
<br />
<br />Section 2 Said bonds shall be dated approxjmately June I, 2006, shall bear
<br />interest at the estimated rate of five per centum (5%) per annum, payable semi-annual1y, until the
<br />principal sum is paid, and shaH mature in such twenty (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 detennined that notes (hereinafter called the "Notes") in
<br />the principal amount of $90,000 shall be issued in anticipation of the issuance of said bonds for
<br />the above-described 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 his
<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 />exce([ding the maximUm interest rate of ten per centum (10%) per annum until the principal sum
<br />is paíd; shall be dated their date of issuance and shall mature on a date between six months and
<br />twelve months from such date, as detennined 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 />detennined by the Fiscal Officer, without deduction for exchange, col1ection or service charge
<br />"Fiscal Officer" as used in this ordinance means the City's Director of Finance, Acting Director
<br />of FiIlance, or Assistant Director of Finance.
<br />
<br />t
<br />
<br />Section 4, Pursuant to Section 133.30(B), Ohio Revised Code, the Fiscal Officer
<br />may c'ombine the Notes with other notes into a single consolidated issue. of notes for purposes of
<br />their sale as a single issue, to be designat~d "Various Purpose General Ob~igation Bond
<br />Anticipation Notes, Series 2005"; such notes shall contain a summary statement of purposes
<br />enco~passing the purpose for which the Notes are issued; shall state that th~y are issued
<br />pursuant to this ordinance; shall be issued in such numbers and denominatiol}s 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 />Deposjtory (as hereinafter defined) for use jn a book-entry system (~s hereinafter defined) The
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<br />{KLF3014.DOC;I}
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