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<br />ORDINANCE NO
<br />
<br />. "y. 24-05
<br />
<br />PMCÉP OR 1ST RENJII\ç & REfERRED TO THE
<br />FINANCE CQ~ITTTFg 4/4/05.
<br />By Corrigan, Demro, Dever, Dunn,
<br />FitzGerald, Madigan, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE to provide for the issuance and sale of not to
<br />exceed $9,695,000 of bonds for the purpose of advance refunding all or a portion of the City's
<br />Various Purpose General Obligation Bonds, Series 1995A and 1995B, dated April 15, 1995.
<br />
<br />Vo/HEREAS, the City has heretofore authorized and issued its Various Purpose
<br />General Obligation Bonds, Series 1995A and 1995B dated April 15, 1995 (tbe "1995 Bonds"),
<br />which Were issued for the various purposes stated therein; and
<br />
<br />WHEREAS, this Council has detelTI1ined that a significant savings in debt service
<br />can be achieved throngb the advance refunding of all or a portion of the 1995 Bonds that are
<br />cUITently outstanding and that it is accordingly in the best interest of the City to issue advance
<br />refunding bonds for that purpose; and
<br />
<br />WHEREAS, the Director of Finance, as fis.cal officer, has certified to this Council
<br />the maximum maturity of the bonds authorized and described in this Ordinance; and
<br />
<br />WHEREAS, this Council by a vote of at least five (5) members elected thereto
<br />detennines that this Ordinance is an emergency measure, and that this Ordinance shall talœ effect
<br />at the earliest date possible as set forth in ARTICLE III, SECTIONS 10 and 13 of the SECOND
<br />AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for the
<br />immediate preservation of the public property, health and safety, and to provide for the daily
<br />operation øf municipal departments in that the immediate issuance and sale of the bonds herein
<br />authorized are necessary to maximize interest cost savmgs in a fluctuating bond market;
<br />
<br />County, Ohio·
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakew.ood, Cuyahoga
<br />
<br />SECTION 1. It is hereby declared necessary to issue Bonds of the City in the
<br />aggregate principal amount of not to exceed $9,695,000 (the "Bonds")· for the purpose of
<br />advance refunding all or a portion of the 1995 Bonds, which 1995 Bonds were issued for the
<br />fol1owing purposes (the maximum principal amount for each stated pUlpose is iDdicated in
<br />parentheses): (a) improving the municipal sanitary sewer system be relining and reconstructing
<br />sanitary sewers, providing for the separation of stonn and sanitary sewers and improving the
<br />wastewater treatment plan, together with necessary appurtenances and work incidental thereto
<br />and acquiring motorized equipment therefor ($2,210,000); (b) constructing, reconstructing,
<br />rehabilitating, renovating and improving buildings in the Municipal Administrative Complex
<br />($313,403); (c) constructing and improving muuicipal recreational facilities ($276,728);
<br />(d) constructing a fIre station and furnishing and equipping fire stations and improving the
<br />usefuJness of their sites ($1,541,454); (e) improving the City's recreational facilities by installing
<br />drainage improvements at Lakewood Park, constructing a new driveway, regrading and installing
<br />a new backstop and fèncing at Cove Park and installing a new dasher board system at the
<br />Winterhurst Municipal Ice- Rink, in each case together with the necessary applirtenances and
<br />work incidental thereto ($196,711); (I) constructing, reconstructing and repairing concrete
<br />sidewalks .on certain designated. streets and any necessary applirtenances thereto ($444,543);
<br />(g) providing and improving facilities for off-street parking of motor vehicles ($266,726);
<br />(h) constructing and reconstructing off.:·street parking facilities, together with the necessary
<br />appurtenances ($210,047): (i) improving facilities ofthe City's Department of Public Works by
<br />rehabilitating the roofs on- the Service Garage and the Refuse site by removing an underground
<br />storage tank, together with the necessary appurtenances and work incidental thereto ($92,243);
<br />G) constructing, reconstructing and rehabilitating sidewalks on certain designated streets
<br />($76,684); (k) constructing roadways and jnstalling water mains, sanitary and stonn sewers and
<br />sidewalks and all necessary appurtenances thereto, improving sites for off-stréet parking of
<br />motor vehicles and a park and acquiring real estate therefor ($2,127,140); (1) improving certain
<br />designated streets in the City of Lake wood, Ohio, by removal, where necessary, of the existing
<br />surface course, by grading and replacement, where necessary, of the base, and by resurfacing
<br />with asphaltic_ concrete, including the necessary replacement and resetting of castings together
<br />with the necessary appurtenances thereto; and the installation of traffic signalization devices
<br />($764, 726);(m) installing traffic signalization devices ($94,466); (n) improving Lewis Drive and
<br />Waterbury Road by reconsttuctíng sections of the pavement base, where necessary;_ replacing
<br />
<br />{KLF2993;2}
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