10-11 BAN for Municipal garage ventilation system

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PLACED ON 1ST READING & REFERRED TO THE FINANCE COMMITTEE 3/7/11. ORDINANCE NO. 10-11 BY~ Anderson, Bullock, 7uris, Madigan, Powers, Smith. AN ORDINANCE TO TAKE EFFECT IMMEDIATELY PROVIDED IT RECEIVES THE AFFIRMATIVE VOTE OF AT LEAST FIVE MEMBERS OF COUNCIL, OTHERWISE IT SHALL TAKE.EFFECT AND BE IN FORCE AFTER THE EARLIEST PERIOD ALLOWED BY LAW, PROVIDING FOR THE ISSUANCE AND SALE OF NOTES IN A PRINCIPAL AMOUNT NOT TO EXCEED $161,000, IN ANTICIPATION OF THE ISSUANCE,OF BONDS, TO PAY COSTS OF IMPROVING THE MUNICIPAL GARAGE VENTILATION SYSTEM, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO, AND DECLARING AN EMERGENCY. WHEREAS, the Director of Finance, as fiscal officer of the City, has certified that the estimated life or period of usefulness of the improvement described in Section 1 is at least five years and that the estimated maximum maturity of the Bonds is 20 years, and the maximum maturity of the Notes is 20 years; and WHEREAS, this Council by a vote of at least five of its members 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, Sections 10 and 13 of the Second Amended Charter of the City of Lakewood (the "Charter"), and that it is necessary for the immediate preservation of the public property, health and safety, and to provide for the usual daily operations of municipal departments and further to allow the City to issue the Notes with. other notes to be issued by the City into a consolidated issue and obtain savings in the issuance of the notes. Now Therefore BE IT ORDAINED by the City of Lakewood, Ohio, that: Secfion 1. It is necessary to issue bonds of this City in a maximum principal amount not to exceed $161,000 (the "Bonds") to pay costs of improving the municipal gazage ventilation system, together with all necessary appurtenances. thereto. Section 2. The Bonds shall be dated approximately April 1, 2012, shall beaz interest at the now estimated rate of 6% per year, payable semiannually until the principal amount is paid, and are estimated to mature in 20 annual principal installments on December 1 of each yeaz that are in such amounts that the total principal and interest payments on the Bonds in any fiscal year in which principal is payable are substantially equal. The first principal payment of the Bonds i§ estimated to be December 1, 2012. Section 3. It is necessary to issue and this Council determines that notes in a principal amount not to exceed $161,000 (the "Notes") shall be issued in anticipafion of the issuance of the Bonds. The Notes shall be dated the date of their issuance and shall mature one year from the date of their issuance, provided, however, that the Director of Finance may, if it is detemuned to be necessary or advisable for the sale of the Notes, establish a maturity date that is up to 15 days less