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PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 3/7/11:
<br />ORDINANCE N0.8-11 By: Anderson, Bullock, Juris, Madigan,
<br />Powers, Smith.
<br />AN ORDINANCE TO TAKE EFFECT IMMEDIATELY PROVIDED IT RECEIVES THE
<br />AFFII2MATIVE VOTE OF AT LEAST FIVE MEMBERS OF COUNCIL, OTHERWISE IT
<br />SHALL TAKE EFFECT AND BE IN FORCE AFTER THE EARLIEST PERIOD ALLOWED
<br />BY LAW, PROVIDING FOR THE ISSUANCE AND SALE OF NOTES IN A PRINCIPAL
<br />AMOUNT NOT TO EXCEED $1,238,000, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS, TO PAY COSTS OF IMPROVING ARLINGTON ROAD, LAKELAND AVENUE,
<br />LARCHMONT AVENUE, MADISON AVENUE, MORRISON AVENUE, OVERLOOK ROAD,
<br />WASCANA AVENUE AND OTHER STREETS LOCATED WITHIN THE CITY, BETWEEN
<br />CERTAIN TERMINI, BY RESURFACING, TOGETHER WITH ALL NECESSARY
<br />APPURTENANCES THERETO, AND DECLARING AN EMERGENCY.
<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 described in Section 1 is at least five
<br />years .and that the estimated maximum maturity of the Bonds is 15 years, and the maximum
<br />maturity of the Notes is 20 years; and
<br />WHEREAS, this Council by a vote of at least five of its members determines that this
<br />Ordinance is an emergency measure, and that this Ordinance shall take effect at the earliest date
<br />possible as set forth in Article III, Sections 10 and 13 of the Second Amended Charter of the City
<br />of Lakewood (the "Charter"), and that it is necessary for the immediate preservation of the public
<br />property, health and safety, and to provide for the usual daily operations of municipal
<br />departments and fiirther to allow the City to .issue the Notes with other notes to be issued by the
<br />City into a consolidated issue and obtain savings in the issuance of the notes. Now Therefore
<br />BE IT ORDAINED by the City of Lakewood, Ohio, that:
<br />Section L It is necessary to issue bonds of this City in a maximum principal amount not
<br />to exceed $1,238,000 (the "Bonds") to pay costs of improving Arlington Road, Lakeland Avenue,
<br />Larchmont Avenue, Madison Avenue, Morrison Avenue, Overlook Road, Wascana Avenue and
<br />other streets located within the City, between certain termini, by resurfacing, together with all
<br />necessary appurtenances thereto.
<br />Section 2. The Bonds shall be dated approximately April 1, 2012, shall bear interest at
<br />the now estimated rate of 6% per year, payable semiannually until the principal amount is paid, and
<br />are estimated to mature in 15 annual principal instalhnents on December 1 of each year that are in
<br />such amounts that the total principal and interest payments on the Bonds in any fiscal year in which
<br />principal is payable are substantially equal. The first principal payment of the Bonds is estimated to
<br />be December 1, 2012.
<br />Section 3. It is necessary to issue and this Council determines that notes in a principal
<br />amount not to exceed $1,238,000 (the "Notes") shall be issued in anticipation of the issuance of the
<br />Bonds. The Notes shall be dated the date of their issuance and shall mature one year from the date
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