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<br />PLACED ON 1ST READING & REFERRED TO THE FINANCE
<br />COMMITTEE 4/17/06. PLACED ON 2ND READING 5/1/01
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<br />ORDINANCE NO
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<br />42-06
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<br />By: 1\ntonio, Butler, Demro, Déver,
<br />FitzGe.¡ald","Madigan, Seelie.
<br />
<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 Lake wood, Ohio, in anticipation of the issuance of bonds, in the principal amount of $350,000
<br />for the purpose of improving the City's public parking facilities by replacing parking meters
<br />
<br />WHEREAS, the Council of the City has determined to authorize the issuance of
<br />notes in anticipation of the issuance of bonds in the principal amount of $350,000 for the purpose
<br />hereinafter set forth; and
<br />
<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) years and has further certified that the maximum maturity of the
<br />bonds in anticipation of which the notes will be issued is at least ten (10) years and that the
<br />maximum maturity of the notes issued in antiCipation of bonds is fifteen (15) years fÌ'om the date
<br />of issuance of the notes originally issued for the improvements; 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 III, SECTIONS 10 AND 13 of the
<br />SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for
<br />the innnediate 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 />authdrized 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 th.t:
<br />
<br />Section 1. It is hereby declared necessary to issue bonds of the ,City of
<br />Lakewood, ohÍo (the "City") in the principal amount of $350,000 for the purpose of improving
<br />the City's public parking facilities by replacing parking meters..
<br />
<br />Section 2. The bonds shall be dated approximately June I, 2007, shall bear
<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 ten (10) annual installments after their issuance
<br />such that the total principal and interest payments in any year in which principal is payable is
<br />substantially equaL
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<br />Section 3. It is hereby detennined that notes (hereinafter referred to as the
<br />"Notes") in the principal amount of $350,000 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 />provided that such rate shall not exceed, eight per centum (8%) per annum Interest on the Notes
<br />shall be payable at maturity, wit4 provision, if requested by the original purchaser, that, in the
<br />event of default, the Notes shall bear 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 ona date that is between six months and one year, inclusive, from
<br />their date of issuance, all as detennined by the Director of Finance. The Notes shall not be
<br />subject to redemption by the City at any time prior to maturity, unless the original purchaser of
<br />the Notes requests that the Notes provide for such redemption, in which case provision shall be
<br />made for calling the Notes for redemption upon ten (10) days' written notice, to the Paying Agent
<br />for the Notes (as defined below), or to the original purchaser if the Director of Finance is the
<br />Paying Agent. In addition, the Notes shall be issued in the numbers and denominations
<br />requested by the original purchaser, shall be payable as to both principal and interest at the office
<br />of the Director of Finance or at a bank or trust company designated by the Director of Finance
<br />(herein individually or collectively the "Paying Agent"), withoµt deduction for exchange,
<br />collection or service charge; and shall be payable in Federal Reserve funds of the United States
<br />of America if requested by'the original purchaser.
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<br />I
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<br />{Z006 BANS.DOC;l}
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