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ORDINANCE NO.
<br />
<br />PLACED ON 1STREADING & REFERRED TO THE
<br />FINANCE COMMITTEE 3/3/03.
<br /> By: Corrigan, Dever, Dunn, FitzGerald,
<br /> George, Roth, Seelie.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $8,700,000.
<br />Bonds for various proposes.
<br />
<br /> WHEREAS, pursuant to Ordinance Nos. 84-02, 85-02, 86-02, 87-02, 88-02, 89-
<br />02, 90-02, 92-02, 93-02, 95-02, 96-02, 97-02, 99-02 and 100-02, each passed on April 1, 2002,
<br />the Council of the City authorized the issuance of notes in anticipation of the issuance of bonds
<br />in the aggregate principal amount of $9,210,000 for the various purposes hereinafter stated,
<br />which notes are dated May 16, 2002 and will mature on May 16, 2003; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 32-01, passed on July 2, 2001, the
<br />Council of the City authorized the issuance of notes in anticipation of the issuance of bonds in
<br />the aggregate principal amount of $870,000 for the purpose hereinafter stated, which notes have
<br />been renewed from time to time and currently are dated August 15, 2002 and will mature on May
<br />16, 2003; and
<br />
<br /> WHEREAS, the Council of the City has determined that the outstanding principal
<br />of said notes shall be funded with monies of the City available for the purpose and by the
<br />issuance of bonds in the principal amount of $8,700,000 for the various purposes hereinafter
<br />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; 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, SECTION 10 and 13 of the SECOND
<br />AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for the
<br />mediate 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 bonds herein
<br />authorized are necessary to maximize interest cost 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 $8,700,000 for the following purposes (the
<br />principal amount for each purpose is indicated in parentheses): (a) renovating, furnishing and
<br />equipping municipal buildings and improving municipal sites ($915,000); (b) widening a portion
<br />of Franldin Boulevard east of Warren Road ($150,000); (c) resurfacing Hilliard Road, together
<br />with any necessary curb and sidewalk repairs ($230,000); (d) paying the City's portion of the
<br />cost of improving Homewood Drive from Lake Avenue to Edgewater Drive by reconstruction
<br />and replacement of the base and resurfaeing with reinforced concrete, including the necessary
<br />installation and replacement of curbs, aprons and sidewalks, together with all necessary
<br />appurtenances thereto ($184,000); (e) paying the property owners' portion, in anticipation of the
<br />collection of special assessments heretofore levied, of the cost of improving Homewood Drive
<br />from Lake Avenue to Edgewater Drive 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 ($46,000); (f)
<br />paying the City's portion of the cost of improving Gold Coast Lane from Lake Avenue northerly
<br />approximately 250 feet by reconstruction and replacement of the base and resurfacing with
<br />reinforced concrete, including the necessary installation and replacement of curbs, aprons, and
<br />sidewalks, together with ail necessary appurtenances thereto ($184,000); (g) paying the property
<br />owners' portion, in anticipation of the collection of special assessments heretofore levied, of the
<br />cost of improving Gold Coast Lane from Lake Avenue northerly approximately 250 feet by
<br />reconstruction and replacement of the base and resurfacing with reinforoed concrete, including
<br />the necessary installation and replacement of curbs, aprons and sidewalks, together with all
<br />necessary appurtenances thereto ($46,000); (la) paying the City's portion of the cost of improving
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<br />{KLFI9881;I}
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