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PLACED ON 1sT READING & REFERRRED
<br /> TO THE FINANCE COMMITTEE 3/18/02
<br />
<br />ORDINANCE NO. lOO-O2 By:
<br />
<br />Corrigan, Duma, FitzGerald, George
<br /> Roth, Seelie, Skindell
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $2,489,000
<br />Various Purpose General Obligation Bond Anticipation Notes, Series 2002 of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for various purposes.
<br />
<br /> WHEREAS, .pursuant.to Ordinance Nos. 3-01, 4-01, 5-01, 6-01, 7-01, 8-01, 9-01,
<br />10-01, 11-01 and 13-01 each passed on March 5, 2001,'the Council of the City authorized the
<br />issuance of notes in anticipation of the issuance of bonds in the aggregate principal mount of
<br />$4,105,000 for various purposes hereinafter stated, which notes are dated May 24, 2001 and will
<br />mature on May 24, 2002; and
<br />
<br /> WHEREAS, the Council of the City has determined to refund the outstanding
<br />notes with the proceeds of the Notes hereinbelow authorized; and
<br />
<br /> WHEREAS, the Fiscal Officer has certified to this Council that the estimated life
<br />of the improvements hereinafter mentioned is at least five (5) years and has further certified the
<br />maximum maturity of the hereinafter mentioned bonds issued for each such purpose and the
<br />maximum maturity of notes issued in anticipation of said bonds for each such purpose; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which is necessary for the
<br />immediate preservation of the public peace, property, health, safety and welfare in the City and
<br />for the further reason that the immediate issuance and sale of the notes herein authorized is
<br />necessary to provide funds to retire the outstanding notes which are about to mature and thereby
<br />protect the credit of the City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City. of Lakewood, Cuyahoga
<br />County, Ohio:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood
<br />in the aggregate p.l~ncipal amount of $2,489,000 for the .following purposes: (a) renovating,
<br />furnishing and equipping municipal buildings and improving sites ($915,000); (b) widening a
<br />portion of Franklin Boulevard east of Warren Road ($150,000); (c) resurfacing Hilliard Road,
<br />together with any necessary curb and sidewalk repairs ($230,000); (d) paying the City's portion
<br />of the cost of improving Homewood Drive from Lake Avenue to Edgewater Drive by
<br />reconstruction and replacement of the base and resurfacing with reinforced concrete, including
<br />the necessary installation and replacement of curbs, aprons and sidewalks, together with all
<br />necessary appurtenances thereto ($184,000); (e) paying the property owners' portion, in
<br />anticipation of the levy and collection of special assessments, of the cost of improving
<br />Homewood Drive from Lake Avenue to Edgewater Drive by reconslruction and replacement of
<br />the base and resurfacing with reinfomed concrete, including the necessary installation and
<br />replacement of curbs, aprons and sidewalks, together with all necessary appurtenances thereto
<br />($46,000); (f) paying the City's pOrtion of the cost of improving Gold Coast Lane from Lake
<br />Avenue northerly approximately 250 feet by reconstruction and replacement of the base and
<br />resurfacing with reinforced concrete, including the necessary installation and replacement of
<br />curbs, aprons'and sidewalks, together with all necessary appurtenances thereto ($184,000); (g)
<br />pXaying the property owners' portion, in anticipation of the levy and collection of special
<br />assessments, of the cost of improving Gold Coast Lane from Lake Avenue northerly
<br />approximately 250 feet by reconstruction and replacement of the base and resurfacing with
<br />reinforced concrete, including the necessary installation and replacement of curbs, aprons and
<br />sidewalks, together with all necessary appurtenances thereto ($46,000); (la) paying the City's
<br />portion of the cost of improving Forest Road from Lake Road approximately 710 feet to the
<br />V'south cul-de-sac at Clifton Boulevard by reconstruction and replacement of the base and
<br />resurfacing with an asphalt overlay on a concrete base, including the necessary installation and
<br />replacement of curbs, aprons and sidewalks, together with all necessary appurtenances thereto
<br />($216,000); (i) paying, the property owners' portion, in anticipation of the levy and collection of
<br />special assessments, of the cost of improving Forest Road from Lake Road approximately 710
<br />feet to the south cul-de-sac at Clifton Boulevard by reconstruction and replacement of the base
<br />and resurfacing with an asphalt overlay on a concrete base, including the necessary installation
<br />and replacement of curbs, aprons and sidewalks, together with .all necessary appurtenances
<br />
<br />{KLF1564.DOC;1 }
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