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<br />PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 4/17/06.PLACED ON 2ND
<br />READING 5/1/06.
<br />
<br />ORDINANCE NO
<br />
<br />31-06
<br />
<br />By: Antonio~ Butler~ Demro, Dever,
<br />FitzGerald, Madigan, Seelie.
<br />
<br />AN ORDINANCE to take effect immediately provided it receives the afÍl11TIative
<br />vote of at least five (5) members elected to Council otherwise, it shall take effect and be in force
<br />after the earliest period allowed by law, to provide for the issuance and sale of notes of the City
<br />of Lake wood, Ohio, in anticipation of the issuance of bonds, in the prmcipal amount of$138,000
<br />for the purpose of improving streets by improving traffic signalization,
<br />
<br />WHEREAS, pursuant to Ordinance No 35-05, passed May 16, 2005, the Council
<br />of the City authorized the issuance of notes in anticipation of the issuance of bonds in the
<br />principal amount of $90;000 for the purpose hereinafter set forth, which notes were dated June
<br />15,2005 and which notes will mature on June 15, 2006, (the "2005 Notes"); and
<br />
<br />WHEREAS, the Council of the City has detennined that the outstanding principal
<br />of the 2005 Notes shall be paid by the issuance of new notes in anticipation of the- issuance of
<br />bonds for the purpose hereinafter stated; and
<br />
<br />WHEREAS, the Council of the City has determined that it is necessary to issue an
<br />additional $48,000 in principal amount of new notes for the purpose hereinafter stated; and
<br />
<br />WHEREAS, the Director of Finance of the City of Lakewood, Ohio, as fiscal
<br />officer, has certified to this Council that the estimated life of the improvements hereinafter
<br />mentioned is at least five (5) years and has further certified that the maximum maturity of the
<br />bonds in anticipation of which the notes will be issued is at least twenty (20) years and that the
<br />maximum maturity of the notes issued in anticipation of bonds is t\venty (20) years ITom the date
<br />of issuance of the notes originally issued for the improvements; 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 shan take effect
<br />at the earliest date possible as set forth in ARTICLE III, SECTIONS 10 AND 13 of the
<br />SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for
<br />the immediate preservation of the public property, health and safety, and to provide forthe daily
<br />operation of municipal departments in that the immediate issuance and sale of the notes herein
<br />authorized is necessary to provide fimds for the construction of the improvements urgently
<br />needed to protect the health and safety of the citizens of the City;
<br />
<br />NOW, TIIEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio that:
<br />
<br />Section 1. It is hereby declared necessary to issue bonds of the City of
<br />Lakewood, Ohio (the "City") in the principal amount of $138,000 for the purpose of improving
<br />streets by improving traffic signalization,
<br />
<br />I
<br />
<br />Section 2. The bonds shall be dated approximately June 1, 2007, shall bear
<br />interest at the now estimated rate of six per centum (6%) pèr annum, payable semi-annually until
<br />the principal sum is paid, and shall mature in twenty (20) annual installmentS after their issuance
<br />such that the total principal and interest payments in any year in wlrich principal is payable is
<br />substantially equal
<br />
<br />Section 3. It is hereby detennined that notes (hereinafter referred to as the
<br />"Notes") in the principal amount of $138,000 shall be issued in anticipation of the issuance of
<br />bonds for the above-described purpose. The Notes shan be sold at private sale and shall bear
<br />interest at the rate, fixed by the Director of Financé in his certificate awarding the Notes,
<br />provided that such rate shaH not exceed eight per centum (8%) per. annum. Interest on the Notes
<br />shall be payable at maturity, with provision, if requested by the original purchaser, that, in the
<br />event of default, the Notes shall bear interest, at a rate which shall not exceed ten per centum
<br />(10%) per annum, until the principal sum is paid or provided for. The Notes shall be dated their
<br />date of issuance, shall mature on a date that is between six months and one year,_ inclusive, from
<br />their date of issuance, all as determined by the Director of Finance. The Notes shall not _be
<br />subject to redemption by the City at any time prior to maturity, unless the original purchaser of
<br />the Notes requests that the Notes provide for such redemption, in which case provision shall be
<br />made for calling the Notes for redemption upon ten (10) days' written notice to the Paying Agent
<br />
<br />{2006 BANS.DOC;!}
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