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PLACED ON 1ST READING & REFEPORED TO
<br /> THE FINANCE CSTE 3/5/07. SECOND READ
<br />ORDINA]qCE NO. 32-07
<br /> By: 3/19/07.
<br />
<br /> Antonio, Butler, Demro, Dever,
<br />
<br /> AN ORDINANCE to take effect immediately provided it received the affirmative vote of
<br />at least five (5) members elected to Council, otherwise, it shall take effect and be in force after
<br />the earliest period allowed by law, to provide for the issuance and sale of notes of the City in a
<br />maximum principal amount of $252,000, h~ anticipation of the issuance of bonds, for the purpose
<br />of paying the costs of improving municipal recreational facilities, and declaring an emergency
<br />
<br />BE IT ORDAINED by the City of Lakewood, Ohio:
<br />
<br /> Section 1. Findings and Determhlations. This Cotmeil finds and determines the
<br />following matters (capital/zed terms are defined in Section 14)'
<br />
<br />(a)
<br />
<br />It i~ necessm'y for the City to issue the Bonds to pay the costs of the Project. It is
<br />necessary to issue the Notes in anticipation of the Bonds for the purpose of
<br />(1) paying the costs of the Project and (2) paying the Financing Costs of the
<br />Notes.
<br />
<br />(b) The Director of Finance has certified to this Couneil the maximum ~naturity of the
<br /> Bonds and Notes.
<br />
<br />All acts and conditions necessary to be performed by the City or to have been met
<br />for the issuance of the Notes in order to make them legal, valid, and binding general
<br />obligations of the City, have been performed and met, or will have been performed
<br />and met, at the time of delivery of the Notes, as required by law.
<br />
<br />No statutory or constitutional limitation ofindebtedmess or taxation will be exceeded
<br />by the issuance of the Notes.
<br />
<br />All formal actions of this Council relating to the enactment of this ordinancd were
<br />taken in an open meeting of this Council, and all deliberations of tiffs Council and
<br />of any of its committees that resulted in those formal actions, were in meetings
<br />open to the public~ in compliance with ail legal requirements, including Section
<br />121 22, Ohio Revised Code.
<br />
<br />Section 2. Bond Terms. The Bonds will have the following terms:
<br />
<br />(a) Amount and Rate. The Bonds will be issued in the maximum principal amount of
<br /> $252fl00 and will bear interest at the estimated average annual interest rate of 5%.
<br />
<br />(b) Term. The Bonds will mature serially over a period of 27 years in accordance with
<br /> the following estimated principal payment schedule:
<br />
<br />Year Prinalpfl Year P~Sneipal
<br />
<br />1 $9,000 15 $9,000
<br />2 9,000 16 10,000
<br />3 9,000 17 9,000
<br />4 9,000 18 10,000
<br />5 9,000 19 9,000
<br />6 9,000 20 I0,000
<br />7 9,000 21 9,000
<br />8 9,000 22 10,000
<br />9 9,000 23 9,000
<br />10 10,000 24 10,000
<br />11 9,000 25 9,000
<br />12 I0,000 26 10,000
<br />13 9,000 27 9,000
<br />I4 10,000
<br />
<br />
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