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PLACED ON 1ST READING & REFERRED TO':':-~
<br /> THE FIU91iCE COMMITTEE LF/17/06.
<br /> PLACED ON 2ND READING 5/1./06. I
<br /> ORDINANCE NO 29-06 B
<br /> y Antgnio, Butler, Demro, Dever,
<br /> FitzGerald, Madigan, Seelie. '
<br /> AN ORDINANCE to take effect immediately provided it receives the affirmative
<br /> vote of at least five (5) members elected to Council otherwise, it shall take effect and be in force
<br /> after the earliest period allowed by law, to provide for the issuance and sale of notes of the City
<br /> of Lakewood, Ohio, in anticipation of the issuance of bonds, in the principal amount of $200,000
<br /> for the purpose of reconstmcting sidewalks and drive aprons as necessary..
<br /> WHEREAS, pursuant to Ordinance No. 33-05, passed May 16, 2005, the Council
<br /> of the City authorized the issuance of notes in anticipation of the issuance of bonds in the
<br /> principal amount of $100,000 for the purpose hereinafter set forth, which notes were dated June ~
<br /> I5, 2005 and which notes will mature on June 15, 2006, (the "2005 Notes"); and
<br /> WHEREAS, the Council of the City has determined that the outstanding principal
<br /> of the 2005 Notes shall be paid by the issuance of new notes in anticipation of the issuance of
<br /> bonds for the purpose hereinafter stated; and
<br /> WHEREAS, the Council of the City has determined that iris necessary to issue an
<br /> additional $100,000 in principal amount of new notes for the purpose hereinafter stated; and
<br /> WHEREAS, the Director of Finance of the City of Lakewood, Ohio, as fiscal
<br /> officer, has certified to this Council that the estimated life of the improvements hereinafter
<br /> mentioned is at least five (5) yeazs and has further certified that the maximum maturity of the
<br /> bonds in antcipation. of which the notes will be issued is at least twenty (20) yeazs and that the
<br /> maximum maturity of the notes issued in anticipation of bonds is twenty (20) yeazs from the date
<br /> of issuance of the notes originally issued for the improvements; and
<br /> WHEREAS, this Council, by a vote of at least five (5) members elected theretq
<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 III, SECTIONS 10 AND 13 of the
<br /> SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for
<br /> the 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 /> authorised is necessary to provide funds for the constmction of the improvements urgently
<br /> needed to protect the health and safety of the citizens. of the City;
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br /> County, Ohio that:
<br /> Section 1. It is hereby declared necessary to issue bonds of the City of
<br /> Lakewood, Ohio (the "City") in the principal amount of $200,000 fox the purpose of
<br /> reconstructing sidewalks and drive aprons as necessary.
<br /> Section 2. The bonds shall be dated approximately June 1, 2007, shall bear l
<br /> interest at the now estimated rate of six per centum (6%) per annum, payable semi-annually until
<br /> the principal sum is paid, and shall mature in twenty (20) annual principal installments after their
<br /> issuance such that the totalprincipal and interest payments in any year in which principal is
<br /> payable is substanfially equal.
<br /> Section 3. It is hereby determined that notes (hereinafter referred to as the
<br /> "Notes") in the principal amount of $200,000 shall be issued in anticipation of the issuance of
<br /> bonds for the above-described purpose. The Notes shall be sold at private sale and shall bear
<br /> interest at the rate, fixed by the Director of Finance in his certificate awarding the Notes,
<br />
<br /> provided that such rate shall not exceed eight per centum (8%) per annum. Interest on the Notes
<br /> shall be payable at maturity, with provision, ifrequested. by the original purchaser, that, in the
<br /> event of default, the Notes shall beaz interest, at a rate which shall not exceed ten per centum
<br /> (10%) per annum, until the principal sum is paid or provided for. The Notes shall be dated their
<br /> date of issuance, shall mature on a date that is between six months and one year, inclusive, from
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<br /> their date of issuance, all as determined by the Director of Finance. The Notes shall nat be
<br /> subject to redemption by the City at any time prior to maturity, unless the original purchaser of
<br />
<br /> the Notes requests that the Notes provide for such redemption, in which case provision shall be
<br />
<br /> made for calling the Notes for redemption upon tes(10) days' written notice to the Paying Agent
<br /> {CP0544.DOC;1}
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