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VARIOUS PURPOSE IMPROVEMENT NOTES, SERIES 2017 <br />(SEIVER IMPROVEMENT PORTION) <br />READ & REferred to the FINANCE Committee <br />2/6/17. <br />ORDINANCE NO. 5 -17 By: Anderson, Bullock, Litten, <br />Marx, Nowlin, O'Leary, O'Malley. <br />AUTHORIZING THE ISSUANCE OF SPECIAL OBLIGATION INCOME TAX REVENUE NOTES IN <br />THE AMOUNT OF NOT TO EXCEED $2,270,000 IN ANTICIPATION OF THE ISSUANCE OF <br />BONDS; TO PAY COSTS OF DESIGNING, PERMITTING, ENGINEERING AND CONSTRUCTING <br />SEWER IMPROVEMENTS, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO; <br />PROVIDING FOR THE PLEDGE OF REVENUES FROM THE CITY'S 1.50% INCOME TAX TO <br />SECURE THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE NOTES IN <br />ANTICIPATION OF BONDS; AND APPROVING RELATED MATTERS; AND DECLARING AN <br />EMERGENCY <br />WHEREAS, the City of Lakewood (the "City") levies an income tax at a rate of 1.50% pursuant to <br />Section 128 of the Codified Ordinances of the City (the "Income Tax") to provide fiends for general <br />municipal functions of the City; <br />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, this Council desires to issue special obligation income tax revenue bond anticipation <br />notes in an aggregate principal amount not to exceed $2,270,000 (the "Notes ") to finance the costs of the <br />improvement stated in the title of this ordinance (the "Project "); <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 $2,270,000, 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 40 annual installments. <br />11252690vt <br />