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ORDINANCE NO. 30-07
<br />
<br /> ~R~CEp O~,iST REkDING & REFERRED TOTHE
<br /> FINANCE q~TE 3/5/07 · SECOND REA~ 3/19/07.
<br />
<br />By: Antonio, B~tle~, Demro, Dever,
<br /> FitzGerald, Madigan, S~elie.
<br />
<br /> AN ORDiNANCE to take effect immediately provided it received the affirmative vote of
<br />at least five (5) me~nbers elected to Couned, otherwise, it shall take effect and be in force after
<br />the earl/est period allowed by law, to provide for the issuance and sale of notes of the City in a
<br />maximum principal amount of $181,000, in anticipation of the issuance of bonds, for the pUrPose
<br />of paying the costs of reconstructing, renovating, and improving certain City buildings and
<br />facilities, and declaring au emergency.
<br />
<br />BE IT ORDAINED by the City of Lakewood, Ohio:
<br />
<br /> Section 1. Findings and Determinations. This Council finds and determines the
<br />following matters (capitalized terms are defined in Section 14):
<br />
<br />(a)
<br />
<br />It is necessary for the City to issue the Bonds to pay the costs of the Project It is
<br />necessary to issue the Notes in anticipation of the Bonds for the purpose of
<br />(1)paying the costs of the Project and (2) paying the Financing Costs of the
<br />Notes
<br />
<br />(b) The Director of Finance has certified to this Council the maximum matm4ty of the
<br /> Bonds and Notes.
<br />
<br />(c)
<br />
<br />All acts and conditions necessary to be performed by the City or to have been met
<br />for the issuauce of the Notes in order to make them legal, valid, and binding general
<br />obligations of the City, have been performed and met~ or will have been performed
<br />and met, at the time of delivery of the Notes, as required by law.
<br />
<br />No statutory or constitutional limitation of indebtedness or tmxation will be exceeded
<br />by the issuance of the Notes.
<br />
<br />All formal actions of this Council relating to the enactment of this ordinance were
<br />taken in an open ~neeting of this Council, and ail deliberations of this Council and
<br />of any of its committees that resttIted in those formal actions, were in meetings
<br />open to the public, in compliance with all legal requirements, including Section
<br />121.22, Ohio Revised Code.
<br />
<br />Section 2. Bond Terms. The Bonds will have the following terms:
<br />
<br />(a)
<br />
<br />(b)
<br />
<br />Amount and Rate. The Bouds will be issued in the max/mum p!incipal amount of
<br />$181,000 and will bear interest at the esthnated average annual interest rate of 5%.
<br />
<br />Term. The Bonds will mature serially over a period of 25 years in accordance with
<br />the following esthnated principal payment schedule:
<br />
<br />Year Principal Year Principal
<br />
<br />1 $7/000 14 $8,000
<br />2 7,000 15 7,000
<br />3 7,000 16 8,0q0
<br />4 7,000 17 7,000
<br />5 7,000 18 8,000
<br />6 7,000 19 7,000
<br />7 7,000 20 8,000
<br />8 7,000 21 7,000
<br />9 %000 22 8,000
<br />10 7,000 23 7,000
<br />11 7,000 24 8,000
<br />12 7,000 25 7,000
<br />13 %000
<br />
<br />
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