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<br />PLACED ON 1ST READING & REFERRED TO THE FINANCE
<br />COMMITTEE 4/5/04.
<br />
<br />ORDINANCE NO.
<br />
<br />33-04
<br />
<br />By: Corrigan. Demro. Dever. Dunn, FitzGerald~
<br />Madigan, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance of $4,035,000
<br />Various Purpose General Obligation Bond Anticipation Notes, Series 2004 of the City of
<br />Lakewood, Ohio. in anticipation of the issuance of bonds for various purposes.
<br />
<br />WHEREAS, pursuant to Ordinance Nos. 15-03, 16-03, 17-03, 18-03, 19-03,20-
<br />03,21-03,22-03, 23-03, 24-03, 25-03, 26-03, 27-03, 28-03 and 41-03 each passed on April 21,
<br />2003, the Council of the City authorized the issuance of notes in anticipation of the issuance of
<br />bonds in the aggregate principal amount of $4,330,500 for various purposes hereinafter stated,
<br />which notes are dated June 5, 2003 and will mature on June 3, 2004; and
<br />
<br />WHEREAS, pursuant to Ordinance No. 56-03 passed July 21, 2003, the Council
<br />of the City authorized th~ issuance of notes in anticipation of the issuance of bonds in the
<br />principal amount of $380,000 for the purpose hereinafter stated, which notes are dated August
<br />25, 2003 and will mature on June 3, 2004; and
<br />
<br />WHEREAS, the Cöuncil of the City has detennined to refund the outstanding
<br />notes with the proceeds of the Notes hereinbelow authorized; and
<br />
<br />WHEREAS, the Fiscal Officer has certified to this Council that the estimated life
<br />of the improvements hereinafter mentioned is at least five (5) years and has further certified the
<br />maximum maturity of the hereinafter mentioned bonds issued for each such purpose and the
<br />maximum maturity of notes issued in anticipation of said bonds for each such purpose; 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 ~d 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 the credit of the City;
<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 of the City of Lake wood
<br />in the aggregate principal amount of $4,035,000 for the following purposès' (a) improving
<br />certain streets designated by Council by reconstructing sidewalks and drive aprons as necessary
<br />($75,000); (b) acquiring motorized eqnipment and appurtenances thereto ($179,000); (c)
<br />renovating, furnishing and equipping municipal buildings and properties and improving sites
<br />($457,000); (d) improving sanitary sewers and the City's wastewater treatment plant ($840,000);
<br />(e) improving Foster Pool and Madison Pool ($20,000); (I) improving park facilities and sites
<br />and roadways therein ($509,000); (g) improving streets and municipal properties by clearing,
<br />trimniing and planting trees ($50,000); (h) acquiring computers and systems therefor for
<br />municipal purposes ($166,600); (i) improving certain streets designated by Council by
<br />resurfacing with deep grind and overlay and reconstructing curbs as necessary ($480,000): (j)
<br />improving streets by improving traffic signalization ($40,000); (k) improving West Clifton Road
<br />and Manor Park Avenue by resurfacing ($55,000); (I) improving Hilliard Road/Frank1in
<br />Boulevard ITom Lake1and Avenue to Bunts Road by resurfacing and reconstructing sidewalks.
<br />curbs and drive aprons as necessary ($312,000); (m) improving West Clifton Boulevard ftom
<br />Clifton Boulevard to Riverside Drive by resurfacing ($80,000); (n) improving Bunts Road at
<br />Detroit Road by widening and providing an additional turn lane ($180,000); (0) improving
<br />Hilliard Road and Lakewood Heights Boulevard by replacement of the base as required and
<br />resurfacing with asphalt, including replacement of curbs, aprons and sidewalks as required,
<br />together with all necessary appurtenances thereto ($212,000); and (P) making sit~ improvements
<br />to Lakewood Park ($380,000)
<br />
<br />, Section 2. Said bonds shall be dated approximately June I, 2005, shall bear
<br />interest at the estimated rate of five per centum (5%) per annum, payable semi-annually. until the
<br />principal sum is paid, and shall mature as certified by the Director of Finance in his certificates
<br />as stated hereinabove,
<br />
<br />{Í(LF25SS.DOC;1}
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