47-08 Issuance & Sale of Notes Computer Equip

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Placed on 1st Reading & Referred to the Finance Committee at the Special Meeting of Council 3/31/08. "ORDINANCE NO, 47-08 By: Antonio, Bullock, Butler, Dever, 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 $1,000,000, in anticipation of the issuance of bonds, for the purpose of retiring certain computer equipment notes of the City, and declaring an emergency, WHEREAS, this Council by a vote of at least five (5) members elected thereto determines that this ordinance is an emergency measure, and that this ordinance shall take effect at the earliest date possible as set forth in ARTICLE III, SECTONS 10 and 13 of the SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for the immediate preservation of the public property, health and safety, and to provide for the usual daily operation of municipal departments in that that it is necessary to reissue these notes with the April 17,2008 note sale., Now Therefore, BE IT ORDAINED by the City of Lakewood, Ohio: Section 1. Findin!!'s and Determinations. This Council fmds and determines the following matters (capitalized terms are defmed in Section 14): [ l (a) The City has previously authorized and issued the Outstanding Notes, The Outstanding Notes were issued to retire the Series 2006 Notes, (b) The Outstanding Notes are about to mature, (c) 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) retiring the Outstanding Notes and (2) paying the Financing Costs of the Notes, (d) The Director of Finance has certified to this Council the maximum maturity of the Bonds and Notes, (e) Ail acts and conditions necessary to be performed by the City or to have been met for the issuance of the 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 of the Notes, as required by law, (f) No statutory or constitutional limitation of indebtedness or taxation will be exceeded by the issuance of the Notes, (g) All fom1al 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