14-16 Issue $704,000 in notes for Meridian Condo revetment

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PLACED ON 1ST READING & REFERRED TO THE FINANCE COMMITTEE 2/1/16. VARIOUS PURPOSE 151PROVEMENTNOTES, SERIES 2016 (SPECIAL ASSESSMENT AIPROVEMENT PORTION) SECOND READING 2/16/16. ORDINANCE NO. 14 -16 By:Anderson, Bullock, Litten, Marx, Nowlin, O'Leary, O'Malley. AUTHORIZING THE ISSUANCE OF NOTES IN THE AMOUNT OF NOT TO EXCEED $704,000 IN ANTICIPATION OF THE ISSUANCE OF BONDS; TO PAY COSTS OF PROVIDING, CONSTRUCTING AND INSTALLING A REVENTMENT ON THE NORTHERLY PROPERTY LINE OF THE MERIDIAN CONDOMINIUM TO PROTECT THE MERIDIAN CONDOMINIUM'S WESTERLY PROPERTY LINE WITH LAKE ERIE, EASTWARD TO THE INTERSECTION OF MERIDIAN CONDOMINIUM'S EASTERLY PROPERTY LNE WITH LAKE ERIE; AND DECLARING AN EMERGENCY WHEREAS, the Director of Finance (the "Director of Finance ") of the City of Lakewood, Ohio (the "City") has certified to this Council that the estimated life of the improvement stated in the title of this ordinance (the "Project ") which is to be financed with the proceeds of bonds and notes hereinafter referred to exceeds five years, the maximum maturity of bonds being 20 years and notes being five years; WHEREAS, this Council by a vote of at least five of its members determines that this Ordinance is an emergency measure, and that this Ordinance shall take effect at the earliest date possible as set forth in Article 111, Sections 10 and 13 of the Second Amended Charter of the City of Lakewood (the "Charter "), and that it is necessary for the immediate preservation of the public property, health and safety, and to provide for the usual daily operations of municipal departments and further to allow the City to issue the notes with other notes to be issued by the City into a consolidated issue and obtain savings in the issuance of the notes. Now Therefore BE IT ORDAINED by the City of Lakewood, Ohio, that: Section 1. Issuance of Bonds. It is hereby declared necessary to issue bonds (the `Bonds ") of the City in the principal sum of not to exceed $704,000, for the purpose of paying the cost of the Project. Section 2. Terms of the Bonds. The Bonds shall be dated prior to the maturity date of the Notes (as defined herein below), shall bear interest at the maximum average amoral interest rate presently estimated to be 4.50% per annum, payable semiannually until the principal sum is paid, and shall mature in 20 annual installments. Section 3. Issuance of Bond Anticipation Notes. It is necessary to issue, and this Council hereby determines that there shall be issued, notes shall be issued in anticipation of the levy and collection of said special assessments and in anticipation of the issuance of the Bonds. Section 4. Combining Notes for Purposes of Issuance and Sale. It is hereby determined, that for the purposes of issuance and sale, it may be in the best interest of the City to combine the Notes with other limited tax general obligations notes of the City authorized by separate ordinance of this Council. The Notes and such other notes shall be jointly referred to herein as the "Combined Notes." As used in this Ordinance, the term "Notes" shall also mean the Combined Notes, where appropriate. The Combined Notes shall be designated "City of Lakewood, Ohio Various Purpose Improvement Notes, Series 2016," or as otherwise determined by the Director of Finance. 9898523v3