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PLEASE SUBSTITUTE pLACED ON 1ST READING & REFERRED TO THE FINANCE
<br />FOR ORD. 25-10 COMMITTEE 3/1/10, 2ND READING 3/15/10.
<br />ORDINANCE NO. 25-10 By: Antonio, Bullock, Butler, Madigan,
<br />Powers, Smith, Summers
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOTES IN A
<br />PRINCIPAL AMOUNT OF $7,771,000, IN ANTICIPATION OF THE ISSUANCE OF BONDS,
<br />TO PAY COSTS OF VARIOUS IMPROVEMENTS, AND DECLARING AN EMERGENCY.
<br />WI~EREAS, pursuant to Ordinance Nos. 22-09, 23-09, 24-09, 27-09, each passed
<br />March 2, 2009, and Ordinance Nos. 25-09 and 35-09, each passed Mazch 24, 2009, a note dated
<br />April 15, 2009, and maturing on April 15, 2010 (the Outstanding Note), was issued, in
<br />anticipation of the issuance of bonds (the Bonds), to pay costs of: (i) resurfacing City streets,
<br />driveways and parking lots, (ii) reconstructing a fuel tank bulkhead, (iii) replacing traffic signals,
<br />(iv) improving parks; (v) constructing and reconstructing streets and sidewalks, (vi)
<br />reconstructing, renovating and improving City buildings, (vii) implementing reforestation
<br />programs, and (viii) improving the Lakewood Pazk Shoreline (collectively, the Improvements);
<br />and
<br />WHEREAS, the Director of Finance, as fiscal officer of the City, has certified that the
<br />estimated life or period of usefulness of the Improvements is at least five years and that the
<br />estimated maximum maturity of the Bonds is 18 years based upon the weighted average of the
<br />amounts allocated to the several classes of the Improvements set forth in the Fiscal Officer's
<br />Certificate, which allocation is approved, ratified and confirmed, and the maximum maturity of:
<br />$21;000 of the principal amount of the Notes is April 19, 2022, $389,000 of the principal amount
<br />of the Notes is April 16, 2023, $1,904,000 of the principal amount. of the Notes is April 19, 2027,
<br />$2,007,000 of the principal amount of the Notes is April 16, 2028, and $3,450,000 of the
<br />principal amount ofthe Notes is April 15, 2029; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Note with the proceeds of the Notes described ui Secfion 3 and other funds available to the City and
<br />provide additional money for the Improvements;
<br />BE IT ORDAINED by the City of Lakewood, that:
<br />Section L It is necessary to issue bonds of this City in a maximum. principal amount of
<br />$7,771,000 (the Bonds) to pay costs of the Improvements.
<br />Section 2. The Bonds shall be dated approximately April 1, 2011, shall bear interest at
<br />the now estimated rate of 5-1/2% per year, payable semiannually until the principal amount is paid,
<br />and are estimated to mahrre in 18 annual principal installments on December 1 of each year that are
<br />in such amounts that the total principal and interest payments on the Bonds in any year in which
<br />principal is payable are substantially equal. The first principal payment of the Bonds is estimated to
<br />be December 1, 2011.
<br />Section 3. It is necessary to issue and this Council detemunes that notes in a maximum
<br />principal amount of $7,771,000 (the Notes) shall be issued in anticipation. of the issuance of the.
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