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<br />PLACED ON 1ST READING & REFERRED TO THE
<br />fL!lANGE COW1HrEE 4/18/05. PLACED ON 2ND
<br />READING 5/2/05.
<br />
<br />ORDINANCE NO,
<br />
<br />38-05
<br />
<br />By' CDrrigan~ Demæoþ Dexa~.?DunfiGrFït~Gerald,
<br />Madigan, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $685,000
<br />Computer Equipmeut Bond Anticipation Notes, Series 2005 of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds for the purpose of acquiring computers and ,systems therefor
<br />for municipal purposes .
<br />
<br />WHEREAS, the Fiscal Officer has certified to this Council that the estimated life
<br />of the equipment hereinafter mentioned is at least five (5) years and has further certified the
<br />maximum maturity of the hereinafter mentioned bonds is five (5) years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is ten (10) years from the !date of issuance
<br />of the original notes; and
<br />
<br />, WHEREAS, this Council by a vote of at least five (5) members elected thereto
<br />det¿rtnines 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 III, 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 equipment urgently needed to protect the health
<br />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 dedared necessary to issue bonds of the City of Lakewood
<br />in the principal amount of $685,000 for the purpose of acquiring computers and systems therefor
<br />for municipal purposes
<br />
<br />Section 2, Said bonds shall be dated approximately June I, 2006, shaH bear
<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 five (5) annual principal installments after their
<br />issuance that the total principal and interest payments in any year in which principal is payable is
<br />substantially equal,
<br />
<br />Section 3. It is hereby detertnined that notes (hereinafter called the "Notes") in
<br />the principal amount of $685,000 shall be issued in anticipation of the issuance of said bonds for
<br />the ¡:¡bove-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 Fiscàl 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 />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 detennined by the Fiscal Officer; shall nqt be subject to
<br />redemption by the City at any time prior to maturity; and shaH 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 />O<Fistal Officer" as used in this ordinance means the City's Director of Finance, Aèting Director
<br />of Finance, or Assistant Director of Finance
<br />
<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 />thei~ sale as a single issue, to be designated "Various Purpose General Obligation Bond
<br />Anticipation Notes., Series 200Y'; 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 />The Notes, pursuant to the tenns set forth below, may also be- issued to a
<br />Depository (as hereinafter defjned) for use in a book-entry system (as hereinafter defined) The
<br />
<br />{KLF3013.DOC;1 J
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