36-07 Retire Outstanding Notes - Laserfiche WebLink

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ORDINANCE NO. 36-07 (Please Substitute for Ordinance 36-07 placed on first reading and referred to Finance CommRtee 03/19/07. Placed on second reading 03/26/07), By~ Antonio, Butler, Demro, Dever, FitzGerald, Madigan. AN ORDINANCE to take effect immediately provided it received the affirmative vote of at least five (5) members elected to Council, otherwise, it shall take effect and be in force after the earliest Period allowed by law, to provide for the issuance and sale of bonds of the City in a maximum principal amount of $5,915,000, to retire certain outstanding notes of the City, and declaring an emergency BE IT ORDAINED by the City of Lakewood, Ohio: Section 1. Findings and Determinations. This Council finds and determines the following matters (capitalized terms are defared in Section 14): (al 2'he City has previously authorized and issued the Outstand/ng Notes. The Outstanding Notes were issued to pay costs of the Projects. (b) The Outstanding Notes are about to mature. (d/ (el It is necessary for the City to issue the Bonds in one itt for the propose of (1) retiring a portion of the Outstanding Notes and (2) paying Financing Costs of the Bonds. The Bonds will be a consolidated issue under Section 133.30(B), Ohio Revised Code, consolidating the bonds in anticipation of which each separate issue of the Outstanding Notes was issued. Each of those issues of bonds ~vas authorized in the separate legislation authorizing the Outstanding Notes. All acts and conditions necessary to be performed by the City or m have been met for the issuance of the Bonds in order to inake them legal, valid and binding special obligations of the City, have been performed and met, or will have been performed and met at the time of delivery of the Bonds. as required by law. No statutory or constitutional limitation of indebtedness or taxation will be exceeded by the issuance of the Bonds. All formal actions of this Council relating to the enactment of this ordinance were taken in an open mecth~g of this Council. and all deliberations of this Council and of any of its committees that rasu/ted in those formal actions, were in meetings open to the public, in compilance with all legal requirements, including Section 121.22. Revised Code. Section 2. Terms of the Bonds. The Bonds will have the following terms: Amount. They must be issued in the maxhnum Original Principal Amount of $5.915.000. The principal amounts of the Bonds to be issued as Serial Bonds and as Term Bonds will be determined by the Director of Finance in the Certificate of Award. Date. The Bonds must be dated May 1, 2007, or any later date, not more than 31 days before the date of the Closing, as determined by the Director of Finance in the Certificate of Award. (c) Maturity. The Bonds must matore or be payable by Maridatory Sinking Fund Redemption in the amounts and on the Principal Payment Dates as follows: Year Amount Year Amount 2007 $130,000 2017 $320,000 2008 225,000 2018 335,000