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<br />ORDINANCE NO. 41-05
<br />
<br />PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 4/18/05.
<br />By' Corrigan, Dem"£o, De3te.:ç,:::·Du1afi~::Eit~Gerald,
<br />Madigan, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the jssuance of $50.000 Tree
<br />Planting Bond Anticipation Notes, Series 2005 of the City of Lakewood, Ohio, in anticipation of
<br />the issuance of bonds for the purpose of improving streets and municipal properties by clearing,
<br />trimming and planting trees,
<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 (10) years and thát the maximum
<br />maturity of notes issued in anticipation of said bonds is fifteen (15) years from the date of
<br />issuance of the original notes; and
<br />
<br />WHEREAS. this CouncÜ by a vote of at least five (5) members elected thereto
<br />detennines 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 n,Ússary for the
<br />immediate preservation of the public property, health and safety, and to provide for the daÜy
<br />opðration of municipal departments in that the immediate issuance and sale ot'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 />NOW. THEREFORE. BE IT ORDAINED by the City of Lake~ood, Cuyahoga
<br />County, Ohio:
<br />
<br />Section 1 It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the principaj amount of $50.000 for the purpose of improving streets and municipaj properties
<br />by dearing, trimming and planting trees,
<br />
<br />Section 2 Said bonds shall be dated approximately June 1, 2006, shall 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 ten (10) annual principal instaIlments 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 detenmned that notes (hereinafter called the "Notes") in
<br />the<principal amount of $50,000 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 />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 shaIl mature on a date between six months and
<br />twdve months from such date, as determined 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 />determined by the Fiscal Officer, without deduction for exchange, collection Of service charge.
<br />"Fi.scal Officer" as used in this ordinance means the City's Director of Finance, Acting Director
<br />of Finance, or Assistant Director of Finance,
<br />
<br />, Section 4, Pursuant to Section 133 30(B). Ohjo Revised Code, t~e Fiscal Officer
<br />maS: combine the Notes with other notes into a single consolidated issue of notes fòr purposes of
<br />theit sale as a single issue, to be designated "Various Purpose General Obligation Bond
<br />Anticipation Notes, Series 2005"; 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 />reqúested by the original purchaser; and shall be executed by the Mayor anq 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 1 be issued to a
<br />Depository (as hereinafter defined) for use in a book-entry system (as hereinaftér defined), The
<br />
<br />{KLF3012.DOC;I}
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