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PLACED AN 1ST READING & REFERRED TO THE
<br />FINANCE COAfMITTEE 2/21/12.
<br />ORDINANCE NO. 19-12
<br />PLACED ON 2ND READING 3/5/12.
<br />By' Anderson, Bullock, Juris, Madigan,
<br />Nowlin, Powers, Smith.
<br />AN ORDINANCE TO TAKE EFFECT IMMEDIATELY PROVIDED IT RECEIVES THE
<br />AFFIRMATIVE 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 THE PRINCIPAL
<br />AMOUNT OF $6,025,000, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO
<br />REFUND THE CITY'S OUTSTANDING VARIOUS PURPOSE GENERAL OBLIGATION
<br />BONDS, SERIES 2003; APPROVING AND AUTHORIZING THE SIGNING OF AN
<br />ESCROW AGREEMENT; AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 13-03 passed on March 17, 2003, bonds in the
<br />amount of $8,700,000, dated as of May 1, 2003 (the "Series 2003 Bonds"), were issued, in part,
<br />to pay costs of improving, renovating, furnishing and equipping municipal buildings and
<br />improving municipal sites and rights-of--way, improving Franklin Boulevard, Hilliard Road,
<br />Homewood Drive, Gold Coast Lane, Forest Road, Indianola Avenue, West Forest Drive,
<br />Overbrook Avenue, West Clifton Boulevard, St. Charles Avenue, Lakewood Heights Boulevard
<br />and streets located in the City, acquiring police communication equipment, improving parks and
<br />improving sanitary sewers and the wastewater treatment plant (collectively, the "Improvement")
<br />maturing annually on December 1 in the years 2004 through 2023; and
<br />WHEREAS, the Series 2003 Bonds maturing on or after December 1, 2012 (the "Refunded
<br />Bonds") are currently outstanding in the principal amount of $6,025,000; and
<br />WHEREAS, the Refunded Bonds may be called for rederption, in whole at any time, or in
<br />part on any June 1 and December 1, on or after December 1, 2011 at a redemption price equal to
<br />100% of the principal amount of the Refunded Bonds being redeemed, plus accrued interest to the
<br />redemption date; and
<br />WHEREAS, refunding by calling all or a portion of the Refunded Bonds for redemption
<br />could achieve significant present value savings for the Ciry; 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 years and that the
<br />estimated maximum maturity of the bonds (described in Section 1) is December 1, 2023, and the
<br />maximum maturity of $137,000 of the principal amount of the Notes is May 16, 2017, the
<br />maximum maturity of $1,860,000 of the principal amount of the Notes is May 24, 2021, and
<br />$4,028,000 of the principal amount of the Notes is May 16, 2023, and
<br />WHEREAS, this Council finds and determines that the City should retire the Refunded
<br />Bonds with the proceeds of the notes described in Section 3 and other funds available to the City;
<br />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
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