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DocuSign Envelope ID: D1 D7BO29-ODBD-4276-9A2E-BOA56F6EO688
<br />ROADWAY IMPROVEMENT NOTES, SERIES 2024 1st read & referred to
<br />Finance 12/18/23
<br />2nd read 1/2/24
<br />ORDINANCE NO. 4 3 - 2 0 2 3 By: Baker, Bullock, Kepple, Marx,
<br />Rader, Shachner, Strebig
<br />AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least two
<br />thirds of the members of Council, or otherwise to take effect and be in force at the earliest period allowed by
<br />law, authorizing the issuance of notes in the amount of not to exceed $2,555,000 in anticipation of the issuance
<br />of bonds to pay costs of improving Bunts Road, Crest Lane, Giel Avenue, Onondaga Avenue, Wayne Avenue
<br />and Webb Road and other streets located within the city, between certain termini, by resurfacing and replacing
<br />concrete, together with all necessary appurtenances thereto; and approving related matters; and declaring an
<br />emergency.
<br />WHEREAS, the Director of Finance (the "Director of Finance") of the City of Lakewood (the
<br />"City") has certified to this Council that the estimated life of the improvement stated in the title of this
<br />ordinance (the "Project") which is to be financed with the proceeds of bonds and notes hereinafter referred to
<br />exceeds five years, the maximum maturity of bonds being 17 years and notes being 20 years;
<br />WHEREAS, as set forth in Section 2.12 of the Third Amended Charter of the City of Lakewood,
<br />this Council by a vote of at least two thirds of its members determines that this ordinance is an emergency
<br />measure and that it shall take effect immediately, and that it is necessary for the immediate preservation of
<br />the public peace, property, health and safety, and to provide for the usual daily operation of municipal
<br />departments and further to allow the City to issue the notes with other notes to be issued by the City into a
<br />consolidated issue and obtain savings in the issuance of the notes; now therefore
<br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, OHIO:
<br />Section 1. Issuance of Bonds. It is hereby declared necessary to issue bonds (the "Bonds")
<br />of the City in the principal sum of not to exceed $2,555,000, for the purpose of paying the cost of the
<br />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 6.00% per annum, payable semiannually until the principal sum is paid, and shall mature in
<br />17 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 limited tax general obligations notes of the City authorized by separate ordinance of this Council.
<br />The Notes and such other notes shall be jointly referred to herein as the "Combined Notes." As used in this
<br />Ordinance, the term "Notes" shall also mean the Combined Notes, where appropriate. The Combined Notes
<br />shall be designated "City of Lakewood, Ohio Various Purpose Improvement Notes, Series 2024," or as
<br />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 $2,555,000, which sum does not
<br />exceed the amount of the Bonds. The Notes shall be dated the date established by the Director of Finance and
<br />certified to this Council and shall mature on such date as shall be determined by the Director of Finance and
<br />certified to this Council, provided that such date shall not be later than one year after the date of issuance of
<br />the Notes. The Notes shall be issued as fully registered notes in book -entry form only, in such denominations
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