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ORDINANCE NO. 4-98 <br /> <br /> PLACED ON 1ST READIt & REFERRED <br /> FINANCE COMMITTEE ON 2/2/98. <br />PLACED ON 2nd Reading 2/17/98 <br /> <br />TO <br /> <br />By: Corrigan, Flannery, George, <br /> Roth, Seelie, Skindell, Smith <br /> <br /> AN EMERGENCY ORDINANCE adopting the Debt Policy Statement for the <br />City of Lakewood. <br /> <br /> WHEREAS. the City of Lakewood periodically issues debt to finance its capital <br />improvemem program, <br /> <br /> WHEREAS. having a clearly-defined set of Debt Policies for issuance and <br />management of debt for the City will assist City Council and the Administration in <br />exercising their responsibility in the public interest; <br /> <br /> NOW, THEREFORE, BE IT ORDAINED BY the City ofLakewood, Cuyahoga <br />County, Ohio: <br /> <br /> SECTION 1. That the Debt Policy Statement for the City of Lakewood be <br />adopted as attached hereto as Exhibit A and fully incorporated. <br /> <br /> SECTION 2. That the Finance Director of the City of Lakewood is hereby <br />authorized to undertake the necessary actions to implement these Debt Policies. <br /> <br /> SECTION 3. That a copy of the Debt Policy Statement shall remain on file in the <br />Finance Director's, Mayor's and City Council ofliees. <br /> <br /> SECTION 4. It is found and determined that MI formal actions of this Council <br />concerning and relating to the passage of this Ordinance were adopted in an open meeting <br />of this Council, and that all deliberations of this Council and of any of its committees that <br />result in such formal action, were in meetings open to the public, in compliance with all <br />legal requirements, including the City's Charter and Codified Ordinances. <br /> <br /> SECTION $. This Ordinance is hereby declared to be an emergency measure <br />necessary for the reasons set forth and defined in the preamble to this ordinance and <br />provided it receives the affirmative vote of two-thirds (2/3) of all members elected to <br />Council, this ordinance shall take effect and be in force immediately upon passage by the <br />Council and approval by the Mayor;, otherwise it shall take effect and be in force after the <br />earliest period allowed by law. <br /> <br />Passed:~L/L~ <br /> <br />1998 <br /> <br />President of Council <br /> <br />Approved:~t~. - (L4& 4 <br /> <br />1998 <br /> <br />' Clerk of Council <br /> <br /> <br />