03-17 Issue Notes for Street Resurfacing, Sidewalks, and other Facility Projects

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VARIOUS PURPOSE IMPROVEMENT NOTES, SERIES 2017 (REFUNDING PORTION) Substitute for Ord. No. 3 -17. Placed on 1" Reading and Referred to Finance Committee 2/6/17. Second Reading 2/21/17. ORDINANCE NO. 3 -17 By: Anderson, RnI lock, T t tten, Marx, Nowlin, O'Leary, O'Malley. AUTHORIZING THE ISSUANCE OF SPECIAL OBLIGATION INCOME TAX REVENUE NOTES IN THE AMOUNT OF NOT TO EXCEED $10,584,000 IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY COSTS OF (1) DESIGNING, ENGINEERING AND CONSTRUCTING SEWER IMPROVEMENTS, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO; (11) DESIGNING, ENGINEERING AND CONSTRUCTING WATER IMPROVEMENTS, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO; (III) IMPROVING ANDREWS AVENUE, ATHENS AVENUE, CHESTERLAND AVENUE, CONCORD DRIVE, DELAWARE AVENUE, ERIE CLIFF DRIVE, HALL AVENUE, LAKE POINT DRIVE, LEEDALE AVENUE, LEONARD AVENUE, MARS AVENUE, MCKINLEY AVENUE, NORTHWOOD AVENUE, RICHLAND AVENUE, SHAW AVENUE AND WEST 117TH STREET, AND OTHER STREETS LOCATED WITHIN THE CITY, BETWEEN CERTAIN TERMINI, BY RESURFACING AND REPLACING CONCRETE, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO; (IV) IMPROVING PARKS WITHIN THE CITY, INCLUDING KIDS COVE PLAYGROUND, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO; (V) TO PAY COSTS OF PROVIDING, CONSTRUCTING AND INSTALLING A REVETMENT 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 LINE WITH LAKE ERIE, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO; (VI) IMPROVING SIDEWALKS WITHIN THE CITY, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO; (VII) IMPROVING FRANKLIN AVENUE AND HILLIARD ROAD, BETWEEN CERTAIN TERMINI, BY PROVIDING NEW TRAFFIC SIGNALIZATION, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO AND (VIII) REPLACING OR IMPROVING ROOFS OF THE FIRE STATION AND WINTERHURST ICE RINK, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO, AND RETIRING NOTES PREVIOUSLY ISSUED FOR SUCH PURPOSE; APPROVING RELATED MATTERS; PROVIDING FOR THE PLEDGE OF REVENUES FROM THE CITY'S 1.50% INCOME TAX TO SECURE THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE NOTES IN ANTICIPATION OF BONDS; AND APPROVING RELATED MATTERS; AND DECLARING AN EMERGENCY WHEREAS, the City of Lakewood (the "City ") levies an income tax at a rate of 1.50% pursuant to Section 128 of the Codified Ordinances of the City (the "Income Tax") to provide funds for general municipal functions of the City;