37-07 Advance Refund Outstanding Notes

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ORDINANCB NO. 37-07 (Please Substitute for ,/26/07. Ordinance 37-07 placed on first reading and referred to Finance Commit~e 03/19/07. Placed on 2ND READING 3 By: Antonio, Butler, Demro, Dever, FitzGerald, Madigan, Seetie. 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 a~er the earliest period allowed by Iai, to provide for the issuance and sale of bonds of the City in a maximum principal mount of $11,235}000, to advance retired certain outstanding bonds of the City, and declaring an emergency BE IT ORDAINED by the City of Lakewood, Ohio: Section 1. Findings and Determinations. This Comacil finds and determines the following matters (capitalized terms are defined in Section 14)~ (a) The City has previously authorized and issued the Outstanding Bonds. The Outstanding Bonds were issued to pay costs of the Projects (b) It is in the City's best interest to retired all or part of the Outstanding Bonds in order to provide reduced Debt Charges. (u) It is necessary for the City to issue the Refunding Bonds for the purpose of (1) refunding the Refimded Outstanding Bonds and (2) paying Financing Costs of the Refunding Bonds. (d) All acts and conditions necessary to be performed by the City or to have been met fur the issuance of the Refunding Bonds in order to make 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 Refimding Bonds, as required by law, (e) No statutory or constitutional limitation of indebtedness or taxation will be exceeded by the issuance of the Refunding Bonds. All formal actions of this Council relating to the enactment of this ordinance were taken in an open meeting of this Councili and all deliberations o~' this Council and of any of its committees that resulted in those formal actions, were in meetings open to the public, in compliance xvith ail legal requirements, including Section 121.22, Ohio Revised Code. Section 2, Terms of the Bonds. The Refunding Bonds will have the following terms: Amount They must be issued in the maximum Original Principal Amount of $11,235,000. The principal amounts of the Refunding Bonds to be issued as Serial Bonds and as Term Bonds will be determined by the Director of Finance in the Certificate of Award Co) Date. The Refunding 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 Certifi,ate of Award; (c) Maturity. The Refunding Bonds must mature or be payable by Mandatory Sinking Fund Redemption in the amounts and on the Principal Payment Dates as follows'