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<br />PLACED ON 1ST READING &
<br />referred to the FINANCE COMMITTEE
<br />10/18/10. 2ND READING 11/1/10.
<br />ORDINANCE NO. 74-10 By. Bullock, Butler, Madigan,
<br />Powers, Smith, Summers.
<br />AN ORDINANCE to take effect immediately provided it receives the affuYnative vote of at
<br />least five (5) members elected to Council otherwise, it shall take effect and be in force after the
<br />earliest period allowed by law, providing for the issuance and sale of bonds in the aggregate
<br />principal amount not to exceed $4,550,000 to refund all or a portion of the City's outstanding
<br />various purpose general obligation bonds, series 1948; approving and authorizing various
<br />documents and actions related to the issuance of the bonds.
<br />WHEREAS, pursuant to Ordinance Nos. 7-98, 8-98, 9-48, 10-98, 11-98, 12-98, 13-98,
<br />14-98, 15-98, 16-98, 17-98, 18-98 and 20-98, each passed March 2, 1998, bonds dated as of
<br />March 1, 1998 (the "Outstanding Bonds"), were issued, to pay costs o£ (i) acquiring and
<br />installing police communications equipment, (ii) improving streets, (iii) renovating and
<br />equipping municipal recreational facilities, (iv) improving and renovating municipal buildings,
<br />municipal sites and rights-of--way, (v) reconstructing and resurfacing streets, curbs, aprons and
<br />sidewalks .and restoring tree lawns, (vi) renovating the service garage, (vii) installing traffic
<br />signals, (viii) advance refunding the City's Various Purpose General Obligation Bonds, Series
<br />1992, dated June 15, 1992, issued for the purpose of (a) acquiring real estate, (b) reconstructing
<br />and replacing curbing, (c) constructing, adding to and renovating City buildings, (d) constructing
<br />a fire station, (e) improving recreational facilities, and (f) constructing and reconstructing streets,
<br />curbs and aprons, and (ix) advance refunding the City's Sanitary Sewer System Special
<br />Obligation Bonds, Series 1992, dated February 1, 1992, issued to pay the costs of acquisition,
<br />construction and improvement of sanitary sewer facilities (collectively, the "Improvement"); 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 Improvement is at least five yeazs and that the
<br />estimated maximum maturity of the Bonds calculated in accordance with Ohio Revised Code
<br />Section 133.34, is December 1, 2017, the last maturity permitted for the Outstanding Bonds; and
<br />WHEREAS, this Council fords and determines that the City should refund all or a portion of
<br />the Outstanding Bonds with the proceeds of the Bonds described in Section 2 and other funds
<br />available to the City; and
<br />WHEREAS, this Council by a vote of at least five (5) members elected thereto
<br />determines that this ordinance is an emergency measure, and that this ordinance shall take effect
<br />at the earliest date possible as set forth in ARTICLE III, SECTONS 10 and 13 of the SECOND
<br />AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for the
<br />immediate preservation of the public property, health and safety, and to provide for the usual
<br />daily operation of municipal departments in that the Bonds must be sold promptly in order to
<br />retire the Outstanding Note and preserve the credit of the City. Now, therefore
<br />BE IT ORDAINED by the City of Lakewood, County of Cuyahoga, Ohio, that:
<br />Section 1. Definitions and Jntemretation. In addifion to the words and terms elsewhere
<br />defined in this Ordinance, unless the context or use clearly indicates another or different meaning or
<br />intent:
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