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<br />PLACED ONltST REÀDING & REFERRED TO THE
<br />FINANCE COMMITTEE 4/4/05.
<br />
<br />ORDJNANCE NO
<br />
<br />22-05
<br />
<br />BY'
<br />
<br />Corrigan~ Demro, Dever, Dunn,
<br />FitzGerald, Madigan,. Seelie.
<br />
<br />AN EMERGENCY ORDJNANCE to provide for the issuance and iale
<br />exceed $11>530~OOO in principal amo~t ofòondS for the various purposes described hI.
<br />to pay costs of issuance in conneç1ion tþerewith.
<br />
<br />'iNHEREAS, the Director of Finance, as fiscal Qfficer, has certified to this Council
<br />the estimated life of each of the improvements associated with each of the purposes identified iu
<br />Section ì of ,this Ordinance a:riCi has certifièd the maximunl maturity of the bonds h6Í{!iri"
<br />~authorized with respect to each such purpose; and
<br />
<br />WHEREAS, this Council by a vote of at least five (5) members elected thereto
<br />determines that this Ordinance is an emergency measure, and that this brdinance shall ta1œ effect
<br />at the earliest date possible as set forth iu ARTICLE ill, SECTIONS 10 and 13 of the SECOND
<br />AMENDED CHARTER OF THE CITY OF LAKBWOOD, and that it is necessary for the
<br />iuunedÌate preservation of the public property, health and safety, and to provide for the daily
<br />operation of municipal departments :in that the immediate issuance and saleef the bonds herein
<br />authorized are necessary to maximize mterest cost savrngs in a fluctu~ting bond market;
<br />
<br />County, Ohio'
<br />
<br />NOW, THEREFORE, BE IT ORDAJNEn by the City of Lakewood, Cuyahoga
<br />
<br />SECTION I It is hereby declared necessary to issue Bonds of the City of
<br />Lakewood in the aggregate ptincipal amount of not to exceed $11,530,000 (the "Bonds") for the
<br />purposes of paying the costs of (a) of improving Hilliard Road and Lakewood Heights Boulevard
<br />by replacement of the base as required and resurfacing with asphalt, including replacement of
<br />curbs, aprons and sidewalks. as required, together with all necessary appurtenances thereto
<br />($206,360); (b) making site improvements to Lakewood Park ($359,000); (c) improving park
<br />facilities and _sites and roadways therein ($512,857); Cd) acquiring motorized equipment and
<br />appurtenances thereto ($178,289); (e) acquiring computers and systems therefor for municipal
<br />purposes ($152,820); (f) renovating, furnishiug and equipping municipal buildings and properties
<br />and improving sites ($412,212); (g) improving Hilliard Road/Franldiu Boulevard ITom Lakeland
<br />Avenue to Bunts Road by resurfacing. and reconstructing sidewalks, curbs and drive aprons as
<br />necessary ($309,541); (h) improving certain streets designated by, Council by resurfacing with
<br />deep grind and overlay and reconstructing curbs as necessary ($428,198); (i) improving sanitary
<br />:sewers and the City's wastewater treatmerit plant ($618,317); (j) acquiring.motorized equipment
<br />and appurtenances thereto ($1,023,891); (k) renovating, improVing, furnishiug and equipping
<br />municipal buildiugs ($1,200,566); (I) improving Sloane Avenue by replacement of the base and
<br />replacement of curbs, aprons and sidewalks as required, together with all necessary
<br />appurtenances thereto ($206,106); (m) improviug certain streets designated by Council by
<br />resurfaciug with deep griud and overlay and reconstructing curbs as necessary ($515,901); (n)
<br />improviug parks by iustalling playground equipment and skateboard apparatus, improviug pools
<br />and planting trees ($615,429); (0) improving streets by improving traffic signalization,
<br />streetscapes and signage ($307,714); (P) improviug the municipal water system ($618,317); (q)
<br />improving the City's wastewater and storm water collection system ($2,370,216); and (r)
<br />improving the municipal sewer system ($1,494,267)
<br />
<br />As used herein, the following teTI11S shall have the following meanings'
<br />
<br />"Bond Purch3.{>e Agreement" means the agreement betvileen the City and the
<br />Original Purchaser entered into in connection with the purchase of the Bonds and authorized
<br />pursuant to SectionS of this Ordiuance.
<br />
<br />"Bond RetirementFÜri21" means the bond' retirement fund of the City
<br />
<br />"Bonds" means the .portion of the issue of the City's Various Purpose General
<br />Obligati9TI- Bonds, Series 2005 issued pursuant to the authority granted and the tenns established
<br />in this Ordinance.
<br />
<br />"Book-entry fonn" or "Book-ep.try system" means a fonn or system únder which
<br />(i) the beneficial right to ptincipal and interesÎ may be transferred only through a book entry and
<br />
<br />{CT0126;1}
<br />
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