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REFUNDING BONDS, SERIES 2021
<br />Placed on 1st reading &
<br />referred to Finance
<br />12/21/20;2nd reading 1/4/21
<br />Bullock, Kepple, bitten, Neff,
<br />ORDINANCE NO. 45-2020 0' Malley, Rader, Shachner
<br />AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $6,250,000 OF BONDS FOR THE PURPOSE
<br />OF CURRENTLY REFUNDING ALL OR A PORTION OF THE CITY"S VARIOUS PURPOSE
<br />IMPROVEMENT AND REFUNDING BONDS, SERIES 2011, DATED FEBRUARY 9, 2011 TO (I)
<br />REFUND THE CITY' S OUTSTANDING VARIOUS PURPOSE BONDS, SERIES 1998, (II) RETIRE
<br />THE CITY' S OUTSTANDING VARIOUS PURPOSE NOTES, SERIES 2010 AND (III) PAY THE
<br />COSTS OF ISSUANCE; APPROVING RELATED MATTERS IN CONNECTION WITH THE
<br />ISSUANCE OF THE BONDS; AND DECLARING AN EMERGENCY
<br />WHEREAS, the Council issued its $12,320,000 Various Purpose Improvement and Refunding
<br />Bonds, Series 2011, dated February 9, 2011 (the "Outstanding 2011 Bonds") for the purpose stated in the
<br />title of this Ordinance; and
<br />WHEREAS, in view of currently prevailing lower interest rates, the Council has determined that it
<br />is advisable and in the best interest of the City to issue refunding bonds of the City to currently refund
<br />certain maturities of the Outstanding Bonds (the "Refunded Bonds"); and
<br />WHEREAS, the Director of Finance of the City (the "Director of Finance") has certified to this
<br />Council that the maximum maturity and authorized principal amount of the bonds herein authorized cannot
<br />exceed the maximum maturity and principal amount of the Refunded Bonds; and
<br />WHEREAS, it is now deemed necessary to issue and sell not to exceed $6,250,000 of such bonds
<br />under authority of the general laws of the State of Ohio, including Chapter 133, Ohio Revised Code, and in
<br />particular Section 133.34 thereof, for the purpose stated in the title of this Ordinance;
<br />WHEREAS, this Council by a vote of at least two thirds of its members determines that this
<br />Ordinance is an emergency measure, and that this Ordinance shall take effect at the earliest date possible
<br />as set forth in Section 2.12 of the Third Amended Charter of the City of Lakewood (the "Charter"), and
<br />that it is necessary for the immediate preservation of the public property, health and safety, and to provide
<br />for the usual daily operations of municipal departments and further to allow the City to issue the notes
<br />with other notes to be issued by the City into a consolidated issue and obtain savings in the issuance of
<br />the notes. Now Therefore
<br />BE IT ORDAINED by the City Council (the "Council") of the City of Lakewood, Ohio, that:
<br />Section 1. Issuance of the Bonds. It is hereby declared necessary to issue bonds of the City in
<br />the principal sum of not to exceed $6,250,000, or such lesser amount as shall be determined by the Director
<br />of Finance and certified to this Council, which bonds shall be shall be designated "City of Lakewood, Ohio
<br />Refunding Bonds, Series 2021," or as otherwise determined by the Director of Finance (the "Bonds"), for
<br />the purpose described in the title of this Ordinance. The Bonds may be issued in one or more series.
<br />Section 1. Combining Bonds 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 Bonds with
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