31-08 Issuance & Sale of Notes Streets $1,875,000

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ORDINANCE NO. 31-08 Placed on 1st Reading & referred to the I'inance Committee 3/3/08,kreported out on, placed on 2nd Reading and recommended for adoption 3/17/08. B . Antonio, Bullock, Butler, Dever, y. Madigan, Powers, Summers. 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 notes of the City in a maximum principal amount of $1,875,000, in anticipation of the issuance of bonds, for the purpose of paying the costs of improving certain streets in the City, and declaring an emergency. BE IT ORDAINED by the City of Lakewood, Ohio: Section 1. Findinl!:s and Determinations. This Council finds and determines the following matters (capitalized terms are defined in Section 14): (a) It is necessary for the City to issue the Bonds to pay the costs of the Project. It is necessary to issue the Notes in anticipation of the Bonds for the purpose of (1) paying the costs of the Project and (2) paying the Financing Costs of the Notes. (b) The Director of Finance has certified to this Council the maximum maturity of the Bonds and Notes. (c) All acts and conditions necessary to be performed by the City or to have been met for the issuance ofthe Notes in order to make them legal, valid, and binding general obligations of the City, have been performed and met, or will have been performed and met, at the time of delivery ofthe Notes, as required by law. (d) No statutory or constitutional limitation of indebtedness or taxation will be exceeded by the issuance of the Notes. (e) All formal actions of this Council relating to the enactment of this ordinance were taken in an open meeting of this Council, and all deliberations of this Council and of any of its committees that resulted in those formal actions, were in meetings open to the public, in compliance with all legal requirements, including Section 121.22, Ohio Revised Code. Section 2. Bond Terms. The Bonds will have the following terms: (a) Amount and Rate. The Bonds will be issued in the maximum principal amount of $1,875,000 and will bear interest at the estimated average armual interest rate of 5%. (b) Term. The Bonds will mature serially over a period of 17 years in accordance with the following estimated principal payment schedule: