73-10 Issuance & sale of bonds $7,771,000

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PLACED ON 1ST READING & REFERRED TO THE FINANCE COMMITTEE 10/18/10. PLACED ON 2ND READING 11/1/10. ORDINANCEN0.73-10 By~ Bullock, Butler, Madigan, Powers, Smith, 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, providing for the issuance and sale of bonds in the aggregate principal amount not to exceed $7,771,000 to pay costs of various improvements; approving and authorizing various. documents and acfions related to the issuance of the bonds. WHEREAS, pursuant to Ordinance No. 25-10, passed April 5, 2010, a note dated April 14, 2010, and maturing on April 13, 2011 (the "Outstanding Note"), was issued, to pay costs o£ (i) resurfacing City streets, driveways and parking lots, (ii) reconstructing a fuel tank bulkhead, (iii) replacing traffic signals, (iv) improving parks, (v) constructing and reconstructing streets and sidewalks, (vi) reconstructing, renovating and improving City buildings, (vii) implementing reforestation programs, and (viii) improving the Lakewood Park Shoreline (collectively, the "Improvement"); and WHEREAS, the Director of Finance, as fiscal officer of the City, has certified that the estimated life or period of usefulness of the Improvement is at least five years and that the estimated maximum maturity of the Bonds is 18 years based upon the weighted average of the amounts allocated to the several classes of the Improvement set forth in the Fiscal Officer's Certificate, which allocation is approved, ratified and confirmed; and WHEREAS, this Council fords and determines that the City should. retire the Outstanding Note with the proceeds of the Bonds described in Section 2 and other funds available to the City; 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 operafion of municipal departments in that the Bonds must be sold promptly in order to retire the Outstanding Note and preserve the credit of the City. Now, Therefore BE IT ORDAINED by the City of Lakewood, County of Cuyahoga, Ohio, that: Section 1. Definitions and Interpretation. In addition to the words and terms elsewhere defined in this Ordinance, unless the context or use clearly indicates another or different meaning or intent: "Annual Information" means annual financial informaton and operating data of the type to be specified in the Continuing Disclosure Agreement in accordance with the Rule. "Authorized Denominafions" means the denomination of $5,000 or any integral multiple thereof.