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<br />Substitute for Prior Ordirumce No 57-06
<br />
<br />PLACED ON 1ST READING & REFERRED TO THE
<br />COMMI¡¡EE OF ¡HE WHOLE 6/19/06. SUBS¡. &
<br />2ND reading 7/3/06.
<br />
<br />ORDJNANCE NO.
<br />
<br />By: Antonio-, Butler ~ Demro. Dever.
<br />FitzGerald, Madigan, Seelie.
<br />
<br />AN ORDJNANCE to take effect immediately provided it received the affIrmative
<br />vote of at least fIve (5) members elected to Couucil, otherwise, it shall take effect and be in force
<br />after the earliest period allowed by law, to provide for the issuance and sale of notes of the City
<br />of Lakewood, Ohio, in anticipation of the issuance of bonds, in the principal amount of not to
<br />exceed $2,000,000 for the purpose of payìng the costs of public infrastructure improvements for
<br />The Cliffs Project.
<br />
<br />WHEREAS, the Council of the City has determined to authorize the issuance of
<br />notes in anticipation of the issuance of bonds in the principal amount not to exceed $2,000,000
<br />for tþe purpose hereinafter set forth; and
<br />
<br />WHEREAS, the Acting Director of Finance of the City of Lakewood, Ohio, as
<br />fiscal officer,has certified to this Council that the estimated life of the improvements hereinafter
<br />mentioned is at least five (5) years and has fiuther certified that the maximum maturity of the
<br />bonds in anticipation of which the notes will be issued is at least twenty (20) years and that the
<br />maximum maturity of the notes issued in anticipation of bonds is twenty (20) years fTom the date
<br />of issuance of the notes originally issued for the improvements; and
<br />
<br />WHEREAS, this Couucil, by a vote of at least five (5) members elected thereto,
<br />determines that this Ordinance is an emergency measure. and that this Ordinance shall take effect
<br />at the earliest date possible as set forth in ARTICLE III, SECTIONS 10 AND 13 of the
<br />SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for
<br />the immediate preservation of the public property, health arid safety, and to provide for the daily
<br />operation of mUnicipal departments in that the immediate issuance and sale of tþe notes herein
<br />authorized is necessary to provide funds for the construction of the improvements urgently
<br />needed to protect the health and safety of the citizens of the City;
<br />
<br />NOW, THEREFORE, BE IT ORDAJNED by the City of Lakewood, Cuyahoga
<br />Couuty, Ohio that:
<br />
<br />Section L It is hereby declared necessary to issue bonds of the City of
<br />Lakewood, Ohio (the "City") in the principal amount of not to exceed $2,000,000 for the pUlpose
<br />of paying the costs of public infTastructure improvements for The Cliffs Project, including the
<br />construction of river bulkheads. retaining walls and revetment work permanent erosion control
<br />and pennanent erosion control devices. boardwalks, public streets, streetscape. utilities,street
<br />and intersection improvements. bridges, pedestrian bridges. off-street public parking facilities,
<br />and utility connections, and the acquisition of real property or interests therein and any necessary
<br />demolition and environmental
<br />
<br />Section 2. The bonds shall be dated approximately Juue 1, 2007, shall bear
<br />interest at the now estimated rate of six per centum (6%) per annum, payable semi-annually until
<br />the principal sum is paid, and shall matnre in fifteen (15) armual installments after their issuance
<br />such that the total principal and interest payments in any year in which principal is payable is
<br />substantially equaI
<br />
<br />Section 3. It is hereby determined that notes (hereinafter referred to as the
<br />"Notes") in the principal amouut of not to exceed $2,000,000 shall be issued in anticipation of
<br />the issuance of bonds for the above-described purpose. The Notes shall be sold aí private sale
<br />and shall bear interest at the rate, fixed by the Director of Finance in her certificate awarding the
<br />Notes. provided that such rate shan not exceed eight per centum (8%) per annum. Interest on the
<br />Notes shall be payable at maturity, with provision, if requested by the original purchaser, that, in
<br />the eVent of default, the Notes shaH bear interest, at a rate which shall not exceed ten per centum
<br />(10%) per armum, uutil the principal sum is paid or provided for. The Notes shall be dated their
<br />date of issuance, shall mature on a date that is between t\.vo months and one year, inclusive, from
<br />their date of issuance, an as determined by the Director of Finance. The Notes shall not be
<br />subject to redemption by the City at any time prior to maturity, unless the original purchaser of
<br />the Notes requests that the Notes provide for such redemption, in which case provision shall be
<br />made for calling the Notes for redemption upon ten (10) days' Written notice to the Paying Agent
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<br />{KLF3740.DOC;2}
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