68-18 - 2019 Notes Refunding - Laserfiche WebLink

Home Browse Search

Placed on 1st reading & referred to Finance 12/17/18; 2nd reading 1/7/19 VARIOUS PURPOSE IMPROVEMENT NOTES, SERIES 2019 (REFUNDING PORTION Anderson, Bullock, George, Litten, ORDINANCE NO. 68 -18 By: O'Leary, O'Malley, Rader AUTHORIZING THE ISSUANCE OF SPECIAL OBLIGATION INCOME TAX REVENUE NOTES IN THE AMOUNT OF NOT TO EXCEED $14,625,000 IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY COSTS OF (I) DESIGNING, PERMITTING, ENGINEERING AND CONSTRUCTING SEWER IMPROVEMENTS, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO, (II) DESIGNING, ENGINEERING, PERMITTING AND CONSTRUCTING IMPROVEMENTS TO THE CITY'S EXISTING DIGESTER MIXERS, HEAT EXCHANGERS AND TANKS, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO, (III) DESIGNING, ENGINEERING AND CONSTRUCTING WATER IMPROVEMENTS, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO, (IV) IMPROVING LAKE AVENUE AND OTHER STREETS LOCATED WITHIN THE CITY, BETWEEN CERTAIN TERMINI, BY RESURFACING AND REPLACING CONCRETE, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO, (V) REPLACING OR IMPROVING THE ROOF OF THE PUBLIC WORKS GARAGE AND OTHER PUBLIC BUILDINGS, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO, (VI) IMPROVING PARKING LOTS WITHIN THE CITY BY RESURFACING AND REPLACING CONCRETE, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO AND (VII) REPLACE EQUIPMENT AND BACKSTOP FOR POLICE FIRING RANGE, AND RETIRING NOTES PREVIOUSLY ISSUED FOR SUCH PURPOSE; APPROVING RELATED MATTERS AND (VI) DESIGNING, ENGINEERING AND CONSTRUCTING WATER IMPROVEMENTS THERETO, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO; 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; WHEREAS, pursuant to Article XVIII, Section 3 of the Ohio Constitution, the City is authorized to issue special obligation revenue bonds and bond anticipation notes supported by the Income Tax and in anticipation of the receipt of revenues of the Income Tax (the "Revenues ") to provide funds for municipal purposes; WHEREAS, the City Council (the "Council ") of the City of Lakewood, Ohio (the "City ") has issued notes dated March 29, 2018, in the aggregate principal amount of $32,287,000, which will mature on March 29, 2019 (the "Outstanding Notes "), in anticipation of the issuance of bonds described herein; WHEREAS, it appears advisable in lieu of issuing bonds at this time to issue new notes in anticipation of the issuance of bonds, and to retire a portion of the Outstanding Notes;