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PLACED ON tst Reading & Referred
<br /> FINANCE COMMITTEE on 3/[7/97.
<br /> PLACED ON 2nd Reading 4/7/97.
<br />ORDINANCE NO. 11-97 By: Boscia, Corrigan, Flannery,
<br /> George, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $805,000 1994
<br />Motorized Equipment Bond Anticipation Notes - 1997 Renewal of the City of Lakewood, Ohio,
<br />in/mticipation of the issuance of bonds for the purpose of acquiring motor vehicles and related
<br />equipment for use in carrying out functions of various departments of the City.
<br /> WHEREAS, pursuant to Ordinance No. 50-94 passed April 18, 1994, the Council
<br />of the City authorized the issuance of notes in anticipation of the issuance of bonds in the .
<br />principal amount of $980,000 for the purpose hereinafter stated, which notes were dated May 12,
<br />1994 and matured on May I1, 1995, which notes were retired with proceeds from notes in the
<br />principal amount of $805,000, which notes were dated May 10, 1995 and matured May 10, 1996,
<br />which notes were retired with proceeds from notes in the principal amount of $805,000, which
<br />notes were dated May 9, 1996 and will mature May 9, 1997; and
<br />
<br /> WHEREAS, the Council of the City has determined that the outstanding principal
<br />of said notes shall be funded by the issuance of new notes in the principal amount of $805,000 in
<br />anticipation of the issuance of bonds for the purpose hereinafter stated; and
<br /> WHEREAS, the Fiscal Officer has certified to this cOuncil that the estimated life
<br /> of the improv~aent$ 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 ordinance is an emergency measure which is necessary for the
<br /> immediate preservation of the public peace, property, health, safety and welfare in the City and
<br /> for the further reason that the immediate issuance and sale of the notes herein authorized is
<br /> necessary to provide funds to retire the outstanding notes which are about to mature and thereby
<br /> protect tha or,lit of the City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br /> County, Ohio:
<br />
<br /> action I. It is hereby declared necessary to issue bonds of the City of Lakewood
<br /> in the principal amount of $805,000 for the purpose of acquiring motor vehicles and related
<br /> equipment for ns~ in carrying out functions of various departments of thc City.
<br />
<br /> $ection 2- Said bonds shall be dated approximately May I, 1998, shall bear
<br /> interest at the estimated mm of five per centare (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 /> $~tion 3. It is hereby determined that notes (hereinafter called the "Notes") in
<br /> the principal amount of $805,000 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 rote often per centare (10%) per annum, as may be fixed by the Fiscal Officer in her
<br /> c~ificate 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 m~ximum interest rote 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 nine months and
<br /> one year from such date, as determined by the Fiscal Officer, shall not bt subject to redemption
<br /> by the City at any time prior to maturity; and shall be payable as to both principal and interest at
<br /> the office of the Fiscal Officer of. the City, or at banks or trust companies, as determined by the
<br /> Fiscal Officer, without deduction f.or exchange, collection or service charge. "Fiscal Officer" as
<br /> used in this ordinance means the City's Director of Finance, Assistant Director of Finance,
<br /> Acting Director of Finance or Director of' Public Works.
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