|
ORDINANCE NO. 2- 01
<br />
<br />PLEASE SUBSTITUTE FOR ORDINANCE 2-01.
<br />PLACED O, .EADI.G RE E..ED TO
<br />
<br />By: Corrigan, FitzGerald, George, Roth,
<br /> Seelie, Skindell, Smith.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of not to exceed
<br />$2,994,000 Bonds for various purposes.
<br />
<br /> WHEREAS, pursuant to Ordinance Nos. 2-99, 4-99, 5-99, 6-99, 7-99, each
<br />passed February 16, 1999, Ordinance No. 24-99 passed June 7, 1999 and 11-00, 12-00, 14-00,
<br />16-00, 17-00 and 18-00, each passed on February 22, 2000, the Council of the City authorized
<br />the issuance of notes in anticipation of the issuance of Bonds in the aggregate principal amount
<br />of $2,921,000 for the various purposes hereinafter stated, which notes have been renewed from
<br />time to time and currently are dated November 30, 2000 and will mature on May 30, 2001; 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 Bonds in the principal amount of not to exceed
<br />$2,994,000 for the various purposes hereinafter stated; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council
<br />that the estimated life of the improvements hereinafter mentioned is at least five (5) years and
<br />has further certified the maximum maturity of the hereinafter mentioned Bonds issued for each
<br />such purpose;
<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 Bonds is necessary to maximize
<br />interest costs savings in a fluctuating bond market.
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED bY the City of Lakewood, Cuyahoga
<br />County, Ohio:
<br />
<br /> SECTION 1. It is hereby declared necessary to issue Bonds (the "Bonds") of the
<br />City of Lakewood in the aggregate principal sum of not to exceed $2,994,000 for the following
<br />purposes (the not to exceed principal amount for each purpose is indicated in parentheses): (a)
<br />acquiring communication equipment for the police and fire departments of the City ($549,500);
<br />(b). paying the property owners' portion, in anticipation of the collection of special assessments
<br />heretofore levied, of the cost of improving Belle Avenue from Madison Avenue to Bayes
<br />Avenue by reconstruction and replacement of the base and resurfacing with reinforced concrete,
<br />including the necessary installation and replacement of curbs, aprons and sidewalks, together
<br />with all necessary appurtenances thereto, and tree lawn restoration ($4Q,375); (c) renovating,
<br />furnishing and equipping municipal buildings and improving sites ($614,500); (d) paying the
<br />City's portion of the cost of improving Belle Avenue from Madison Avenue to Bayes Avenue by
<br />reconstruction and replacement of the base and resurfacing with reinforced concrete, including
<br />the necessary installation and replacement of curbs, aprons and sidewalks, together with all
<br />necessary appurtenances thereto, and tree lawn restoration ($260,750); (e) paying the property
<br />owners' portion, in anticipation of the collection of special assessments heretofore levied, of the
<br />cost of ~mproving Narragansett Avenue from Riverside Drive to Niagara Drive and Niagara
<br />Drive from Riverside Drive to Lakewood Heights Boulevard by reconstruction and replacement
<br />of the base and resurfacing with reinforced concrete, including the necessary installation and
<br />replacement of curbs, aprons and sidewalkS, together with all necessary appurtenances thereto,
<br />and tree lawn restoration ($102,250J; (f) paying the City's portion of the cost of improving
<br />Narragansett Avenue from Riverside Drive to Niagara Drive and Niagara Drive from Riverside
<br />Drive to Lakewood Heights Boulevard by reconstruction and replacement of the base and
<br />resurfacing with reinforced concrete, including the necessary installation and replacement of
<br />curbs, aprons, and sidewalks, together with all necessary appurtenances thereto, and tree lawn
<br />restoration ($411,250),W(g) acquiring fire department apparatus and equipment ($573,500); (la)
<br />acquiring communication equipment for the police and fire departments of the City ($130,250);
<br />and 0) renovating, furnishing and equipping municipal buildings and imi)roving sites ($311,625).-
<br />
<br />{KLF0962;1 }
<br />
<br />
<br />
|