37-09 Repeal Ordinance 26-09 - Laserfiche WebLink

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ORDINANCE NO. 37-09 $y; Antonio, Butler, Dever, Madigan, Powers, Summers. AN ORDINANCE to take effect immediately provided it receives 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 repeal Ordinance 26-09, adopted March 2, 2009. WHEREAS, due to the announcement of Federal Stimulus Funds, the amount financed can be reduced; and WHEREAS, this Council by a vote of at least five (5) members elected thereto determines that this ordinance is an emergency measure, and that this ordinance shall take effect at the earliest date possible as set forth in ARTICLE III, SECTONS 10 and 13 of the SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for the immediate preservation of the public property, health and safety, and to provide for the usual daily operation of municipal. Now Therefore, BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. Ordinance 26-09, of the Lakewood Codified Ordinances, currently reading as follows: Section 1. Findings and Determinations. This Council finds and determines the following matters (capitalized terms are defined in Section 15): (a) It is necessary for the City to issue the Bonds to pay the costs of improving streets by designing, renovating, and replacing traffic signals in the City. 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 issued in anticipation of the Bonds. (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 general 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 limitation 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 this 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 -t-