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ORDINANCE NO. 6 -15
<br />PLACED ON 1st REading & referred to Finance Cmte
<br />2/17/15. 2ND READING 3/2/15.
<br />VARIOUS PURPOSE IMPROVENIENT NOTES, SERIES 2015
<br />(REFUNDING)
<br />By: Anderson,
<br />Bullock, Juris,
<br />Madigan, Marx, O'Leary.
<br />AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least
<br />five members of Council, or otherwise to take effect at the earliest period allowed by law, authorizing the
<br />issuance of notes in the amount of not to exceed $12,027,000 in anticipation of the issuance of bonds to pay
<br />costs of (i) improving Madison Avenue by providing new traffic signalization; (ii) improving and renovating
<br />the refuse facility; (iii) replacing the roof on city hall; (iv) resurfacing Atkins Avenue, Arlington Road,
<br />Arthur Avenue, Blossom Park Avenue, Brockley Avenue, Clifton Boulevard, Cranford Street, Cove
<br />Avenue, Donald Street, Hird Avenue, Lakeland Road, Lakeland Avenue, Larchmont Avenue, Lauderdale
<br />Avenue, Lewis Drive, Madison Avenue, McKinley Avenue, Marlowe Avenue, Morrison Avenue,
<br />Nicholson Street, North Marginal Street, Northland Avenue, Olive Avenue, Overlook Road, South Marginal
<br />Street, St. Charles Avenue, Summit Avenue, Wascana Avenue, Waterbury Road, Woodward Avenue,
<br />Woodward Street, Wyandotte Avenue, and other streets located within the city; (v) improving Detroit
<br />Avenue, Franklin Street, Hilliard Street and Madison Avenue by providing new and upgraded traffic
<br />signalization and pedestrian signals; (vi) improving the municipal garage ventilation system; (vii) improving
<br />parks within the city, including Lakewood Park, Wagar Park and the Lakewood Park skate house,
<br />together with all necessary appurtenances thereto; (viii) reconstructing Madison Avenue; (ix)
<br />constructing a sheet pile bulkhead, docks and a parking area, together with all necessary appurtenances
<br />thereto; (x) improving sidewalks within the city, (xi) replacing a salt storage facility and (xii) improving
<br />the sewer system in the city by constructing the West End sewer separation project and a new sanitary
<br />sewer and improvements and renovations to the existing sanitary sewers and storm water sewers along
<br />Edgewater Drive, together with all necessary appurtenances thereto, and retiring notes previously issued
<br />for such purpose; and approving related matters.
<br />WHEREAS, the City Council (the "Council ") of the City of Lakewood, Ohio (the "City") has
<br />issued notes dated April 14, 2014, in the aggregate principal amount of $12,027,000, which will mature
<br />April 10, 2015 (the "Outstanding Notes "), in anticipation of the issuance of bonds described herein; and
<br />WHEREAS, it appears advisable in lieu of issuing bonds at this time to issue new notes in
<br />anticipation of the issuance of bonds, and to retire all, or a portion of, the Outstanding Notes; and
<br />WHEREAS, the Director of Finance (the "Director of Finance ") of the City has certified to this
<br />Council that the estimated life of the improvement stated in the title of this ordinance (the "Project ") which
<br />is to be financed with the proceeds of bonds and notes hereinafter referred to exceeds five years, the
<br />maximum maturity of bonds being 19 years and notes being 19 years; and
<br />WHEREAS, this Council by a vote of at least five of its members determines that this ordinance
<br />is an emergency measure, and that this ordinance shall take effect at the earliest date possible as set forth
<br />in Article III, Sections 10 and 13 of the Second Amended Charter of the City of Lakewood (the
<br />"Charter "), and that it is necessary for the immediate preservation of the public property, health and
<br />safety, and to provide for the usual daily operations of municipal departments and further to allow the
<br />City to issue the notes with other notes to be issued by the City into a consolidated issue and obtain
<br />savings in the issuance of the notes; now, therefore,
<br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, 01110:
<br />Section 1. Issuance of Bonds. It is hereby declared necessary to issue bonds (the "Bonds ") of
<br />the City in the principal sum of not to exceed $12,027,000, for the purpose of paying the cost of the
<br />Project.
<br />8480361x2
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