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WHEREAS, pursuant to Article XVIII, Section 3 of the Ohio Constitution, the City is authorized to
<br />issue special obligation revenue bond and bond anticipation notes supported by the Income Tax and in
<br />anticipation of the receipt of revenues of the Income Tax (the "Revenues ") to provide funds for municipal
<br />purposes;
<br />WHEREAS, the City Council (the "Council ") of the City of Lakewood, Ohio (the "City") has
<br />issued notes dated April 5, 2016, in the aggregate principal amount of $10,644,000, which will mature
<br />April 4, 2017 (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, this Council desires to issue special obligation income tax revenue bond anticipation
<br />notes in an aggregate principal amount not to exceed $10,584,000 (the "Notes ") to retire all, or a portion of,
<br />the Outstanding Notes;
<br />WHEREAS, the Notes shall be payable from and secured by income tax revenues of the City;
<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 anticipation of the levy of the Income Tax and receipt of the Revenues, in the principal sum
<br />of not to exceed $10,584,000, for the purpose of paying the cost of the 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 27 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 income tax revenue notes of the City authorized by separate ordinances of this Council. The Notes
<br />and such other notes shall be jointly referred to herein as the "Combined Notes." As used in this
<br />Ordinance, the term "Motes" shall also mean the Combined Notes, where appropriate. The Combined
<br />Notes shall be designated "City of Lakewood, Ohio Various Purpose Income Tax Revenue Notes, Series
<br />2017," or as otherwise determined by the Director of Finance.
<br />Section 5. Terms of the Notes; Certificate of Fiscal Officer Relating to Terms of Notes. Such
<br />anticipatory notes (the "Notes ") shall be in the amount of not to exceed $10,584,000, which sum does not
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