29-07 Bonds - Street Improvements

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ORDINANCE NO. 29-07 PLACED ON 1ST READING & REFERRED ~0 THE FIEANCE COMMITTEE 3/5/07. SECOND 3/19/07. BY;Antonio, Butler, Demro, Dever, FitzGerald, Madigan, Seelie. AN ORDINANCE to take effect immediately provided it received the affirmative vote of at least five (5) meanbers elected to Council, otherwise, it shall take effect and be in force after the earl/est period allowed by law, to provide for the issuance and sale of notes of the City in a maximum principal amount of $1,929,000, in anticipation of the issuance of bonds, for the propose of paying the costs of improving certain streets in the City, and declaring an emergency BE IT ORDAINED bythe City of Lakewood, Ohio: Section 1. Findings and Determinations. This Commil finds and de[ermines the following matters (capitalized terms are defined in Section It is necessary for the City to issue the Bonds to pay the costs of the Project. It is necessary to issue the Notes in anticipation of the Bonds for the purpose of (1) paying the costs of the Project and (2) paying the Financing Costs of the Notes. (b) The Director of Finance has certified to this Council the maximum maturity of the Bonds and Notes. Al1 acts and conditions necessary to be performed by the City or to have been met for the issuance of the Notes in order to make them legal, valid, and binding general obligations of the City, have been performed and met, or will have been performed and met, at the thne of delivery of the Notes, as required by law. No statutory or constitutional limitation of indebtedness or taxation will be exceeded by the issuance of the Notes. Ali formal actions of this Council relathag to the e~mctment of this ordinance were taken in an open meeting of tiffs C6uncil, and all deliberations of this Council and of any of its committees that resulted in those formal actions, were in meetings open to the public, in compliance with all legal requirements, including Section 121.22, Ohio Revised Code Section 2; Bond Terms. The Bonds will have the following terms: (a) Amount and Rate. The Bonds will be issued in the maximin principal amount of $1,929,000 and will bear interest at the estimated average annual interest rate of 5% (b) Term. The Bonds will matm'e serially over a period of 20 years in accordance with the following estimated principal payment schedule: Year Principal Year Principal 1 $96,000 11 $97,000 2 96,000 12 96,000 3 97,000 13 97,000 4 96,000 14 96~000 5 9%000 15 97,000 6 96,000 16 96,000 7 97,000 17 97,000 8 96,000 18 96,000 9 97,000 19 97,000 10 96,000 20 96;000 (c) Debt Servlce. The Bonds will be payable as to Debt Service from any money of the City lawfully available and appropriated for that purpose and, if ttmt money is