33-07 Bonds - Reforestation - Laserfiche WebLink

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ORD~WANCE NO. 33-07 By: PLACED ON 1ST READING& REFERREb TO THE FINANCE CMTE 3/5/07. SECOND READG 3%i9/07. FitzGerald, Madigan, Seelie. AN ORDINANCE to take effect immediately provided it received the affirmative vote of at least five (5) mbmbers 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 amount of $60,000, in anticipation of the issuance of bonds, for the purpose of paying the costs of the City's reforestation program, and declaring an emergency BE IT ORDAINED by the City of Lakewood, Otfio: Section 1. Findings and Determlnatinn~. %his Council finds and determines the following matters (capitalized terms are defined in Section 14)' (~) 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. (c) All 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 genera[ obligations of the City, have been performed and met, or will have been performed and met, at the time of delivery of the Notes, as required by law (d) No statutory or constitutional li~rdtation of indebtedness or taxation will be exceeded by the issuance of the Notes. (e) All formal actions of this Council relating to the enactment of tins ordinance were taken in an open meeting of this Council, 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 ail 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 $60,000 and will bear interest at the estflnated average annual interest rate of 5% (b) Term. The Bonds ~vill mature serially over a period of 10 years in accordance with the following estimated principal payment schedule: Year Principal Year Principal I $6,000 6 $6,000 2 6,000 7 6,000 3 6,000 8 6,000 4 6,000 9 6,000 5 6,000 10 6,000 Debt Service. The Bonds will be payable as to Debt Service from any money of the City lawfully available and appropriated for that purpose and, if that money is insufficient, from the proceeds of an ad valorem tax to be levied on ali property within the City, subject to the 10-mill limitation imposed by Section 570502, Revised Code.