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ORDINANCE NO 47-07
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<br />FitzGerald~ Madigan, Seetie.
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<br /> AN ORDINANCE to take effect immed/ately provided it received the affirmative
<br />vote of at least five (5) members elected to Council, otherwise, it shall take effect and be in force
<br />after the earl/est 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 $2,700;000 for the purpose of paying the costs of public infrastructure improvements for
<br />The Cliffs Project
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<br /> WHEREAS, the Council of the City has dete~xniued to authorize the issuance of
<br />notes in anticipation of the issuance of bonds in the principal amount not to exceed $2,700,000
<br />for the pm'pose hereinafter set forth; and
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<br /> WHEREAS, the Director of Finance of the City of L. akewood, Ohio, as fiscal
<br />officer, has certified to t/tis Council that the estimated life of the improvements hereinafter
<br />mentioned is at least five (5) years and has further certified that the maximmn maturity of the
<br />bonds in anticipation of which the notes will be issued is at least twenty (20) years and that the
<br />max/mum matm/ty of the notes issued in anticipation of bonds is twenty (20) years from the date
<br />of issuance of the notes originally issued for the improvemm~ts; and
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<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 Ord/nance shall talce effect
<br />at the earliest date possible as set forth in ARTICLE EI, 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 and safety, and to provide fro- the ~laily
<br />operation of murdcipal departments in that the immediate issumme and sale of the 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 ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio that:
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<br /> Section 1 It is hereby declased necessary to issue bonds of the City of
<br />Lakewood, Ohio (the "City") in the principal mnount of not to exceed $2,700,000 fur the purpose
<br />of paying the costs of public i~ffrastmcture improvements for The Cliffs Project, including the
<br />construction of fiver bulkheads, retain/rig walls and revetment work permanent erosion control
<br />and permanent erosion control devices, boardwalks; public streets, streetscape, utilities, street
<br />and intersection improvements, bridges, pedestrian bridges, off-street public parldng facilities,
<br />and utility cmmections, and the acquisition of real property or interests therein and any necessary
<br />demolition and envirmtmental
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<br /> Section 2 The bonds shall be dated approximately July 1, 2008, shall beta'
<br />interest at the now estimated rate of six per centum (6%) per annum, payable sembammally until
<br />t/he principal sum is paid, and shall mature in fifteen (15) annual inst~lhnents after their issuance
<br />such that the total principal and interest payments in any year in which principal is payable is
<br />substantially equal
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<br /> Section 3. It is hereby determthed that notes (hereinafter referred to as the
<br />"Notes") in the principal amount of not to exceed $2,700,000 shall be issued in anticipation of
<br />the issuance of bonds for the above-described purpose. The Notes shall be sold at 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 shall not exceed eight per centum (8%) per tamum Interest on the
<br />Notes shall be payable at maturity, with provision, if requested by the original purchaser, that, in
<br />the event of defauli, the Notes shall bear interest, at a rate which shall not exceed ten per centum
<br />(10%) per annum~ until the pfincipal smn is paid or provided for. The Notes shall be dated their
<br />date Of issuance, shall mature on a date that is between two months and one year, inclusive, from
<br />their date of issuance, all 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
<br />for the Notes (as defined below), or to th~ original purchaser if the Director of Finance is the
<br />Paying Agent In addition, the Notes shall be issued in tile numbers and denominations
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<br />{KLF3740.DOC;3 }
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