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PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COPfMITTEE 9/4/12.
<br />ORDINANCE NO. 40-12 BY~ Anderson, Bullock, Juris,
<br />Madigan, Nowlin,
<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 />AMO~JNT OF $1,948,000, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY
<br />COSTS OF VARIOUS IMPROVEMENTS, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance Nos. 19 and 20-12, each passed March 19, 2012, a
<br />note in anticipation of bonds in the amount of $7,973,000, dated April 18, 2012 and maturing
<br />October 18, 2012 (the "Outstanding Note"), was issued, in part, to pay costs of resurfacing
<br />Arlington Road, Lakeland Avenue, Larchmont Avenue, Madison Avenue, Morrison Avenue,
<br />Overlook Road, Wascana Avenue and other streets located within the City, improving Detroit
<br />Avenue by providing new traffic signalization and improving the municipal garage ventilation
<br />system, together with all necessary appurtenances thereto (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 years and that the
<br />estimated maximum maturity of the bonds described in Section 1 is 15 years based upon the
<br />weighted average of the amounts allocated to the classes of the Improvement set forth in the
<br />Fiscal Officer's Certificate, which allocation is approved, ratified and confirmed, and the
<br />maximum maturity of the notes described in Section 3 is Apri121, 2031; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Note with the proceeds of the notes described in Section 3, the proceeds of bonds to be issued by the
<br />City and other funds available to the City; and
<br />WHEREAS, this Council by a vote of at ]east 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 further to allow the City to timely retire the Outstanding Note and thereby
<br />preserve its credit. Now, Therefore,
<br />BE IT ORDAINED by the City of Lakewood, Ohio that:
<br />Section 1. It is necessary to issue bonds of this City in the principal amount of
<br />$1,948,000 (the "Bonds") to pay costs of the Improvement.
<br />Section 2. The Bonds shall be dated approximately April 1, 2013, shall bear interest at
<br />the now estimated rate of 5-l/2% per year, payable semiannually until the principal amount is paid,
<br />and are estimated to mature in 15 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 fiscal year in
<br />
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