31-07 Issue/Sale of notes to pay Sidewalk Program

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ORDINANCE NO~ 31-07 PLACED ON 1ST READING & REFERRED TO THE ~I~A~CE CMTE 3/~/07'SECOND READ 3/19/07. FitzGhrald, Madigan, Seelie. AN ORDINANCE to take effect immediately provided it received the affirmative vote of at least five (5) members elected to Council, otherwise, it shall take effect and be in force after the earliest period allowed by law, to provide for the issuance and sale of notes of the City in a maximum principal mnount of $201,000; in anticipation of the issuance of bonds, and the levy and collection of special assessmants~ for the purpose of paying the costs of the City's 2007 sidewalk program, and declaring an emergency BE IT ORDAINED by the City of Lakewood, Ohio: Section 1. Findings and Deternfinafions. This Council finds and determines the following matters (capitalized terms are defined in Section 14): (a) 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 and the levy and collection of special assessments for the purpose of (1) paying the costs of the Project mid (2) paying the Financing Costs of the Notes. The Director ~)f Finance has certified to this Council the maximum maturity of the Bonds and Notes. All acts and conditions necessm'y to be performed bythe 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 Note% as required by Iaw No statutory or constitutional limitation of indebtedness or taxafian will be exceeded by the issuance oftha Notes All formal actions of this Council relating to the enactment of this ordinance were taken in an open meeting of this Council, and all deliberations of th/s 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 maximum principal amount of $201,000 and will bear interest at the estimated average annual interest rate of 5% Term. The Bonds will mature serially over a period of 20 years in accordance with the following estimated principal payment schedule: Year Principal Year Principal 1 $10,000 11 $10,000 2 10i000 12 10,~00 3 10,000 13 10,000 4 10,000 14 I0,000 5 10,000 15 10,000 6 10,000 16 10,000 7 I0;000 17 10,000 8 10,000 18 i0,000 9 10,000 19 11,000 10 10,000 20 10,000 (c) Debt Service. The Bonds will be payable as to Debt Service from special assessments levied to pay the costs of the Project and, if that money is insufficient,