|
PLACED ON 1ST READING & REFERRED TO THE FINANCE
<br />COMMITTEE 2/1/16.
<br />VARIOUS PURPOSE IMPRONTMENTNOTES, SERIES 2016
<br />B A WAY IMPROVEMENT PORTION)
<br />SECOND READING 2/1 Plg.
<br />ORDINANCE NO. 9 -16 By:Anderson, Bullock, Litten -�
<br />Marx, Nowlin, O'Leary, O'Malley.
<br />AUTHORIZING THE ISSUANCE OF NOTES IN THE AMOUNT OF NOT TO EXCEED $1,500,000 IN
<br />ANTICIPATION OF THE ISSUANCE OF BONDS; TO PAY COSTS OF IMPROVING ANDREWS
<br />AVENUE, ATHENS AVENUE, CHESTERLAND AVENUE, CONCORD DRIVE,
<br />DELAWARE AVENUE, ERIE CLIFF DRIVE, HALL AVENUE, LAKE POINT DRIVE,
<br />LEEDALE AVENUE, LEONARD AVENUE, MARS AVENUE, MCKINLEY AVENUE,
<br />NORTHWOOD AVENUE, RICHLAND AVENUE, SHAW AVENUE AND WEST 117TH
<br />STREET, AND OTHER STREETS LOCATED WITHIN THE CITY, BETWEEN CERTAIN
<br />TERMINI, BY RESURFACING AND REPLACING CONCRETE, TOGETHER WITH ALL
<br />NECESSARY APPURTENANCES THERETO; AND DECLARING AN EMERGENCY
<br />WHEREAS, the Director of Finance (the "Director of Finance ") of the City of Lakewood, Ohio
<br />(the "City") has certified to this Council that the estimated life of the improvement stated in the title of this
<br />ordinance (the "Project ") which is to be financed with the proceeds of bonds and notes hereinafter referred
<br />to exceeds five years, the maximum maturity of bonds being 15 years and notes being 20 years;
<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, Ohio, that:
<br />Section 1. Issuance of Bonds. It is hereby declared necessary to issue bonds (the `Bonds ")
<br />of the City in the principal sum of not to exceed $1,500,000, for the purpose of paying the cost of the
<br />Project.
<br />Section 2. Terms of the Bonds. The Bonds shall be dated prior to the maturity date of the
<br />Notes (as defined herein below), shall bear interest at the maximum average annual interest rate presently
<br />estimated to be 4.50% per annum, payable semiannually until the principal sum is paid, and shall mature
<br />in 15 annual installments.
<br />Section 3. Issuance of Bond Anticipation Notes. It is necessary to issue, and this Council
<br />hereby determines that there shall be issued, notes in anticipation of the issuance of the Bonds.
<br />Section 4. Combining Notes for Purposes of Issuance and Sale. It is hereby determined, that
<br />for the purposes of issuance and sale, it may be in the best interest of the City to combine the Notes with
<br />other limited tax general obligations notes of the City authorized by separate ordinance of this Council.
<br />The Notes and such other notes shall be jointly referred to herein as the "Combined Notes." As used in
<br />this Ordinance, the term "Notes" shall also mean the Combined Notes, where appropriate. The Combined
<br />Notes shall be designated "City of Lakewood, Ohio Various Purpose Improvement Notes, Series 2016," or
<br />as otherwise determined by the Director of Finance.
<br />98495820
<br />
|