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PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 2/21/12.
<br />PLACED ON 2ND READING 3/5/12.
<br />ORDINANCE NO. 24-12 By~ Anderson, Bullock, Juris,
<br />Madigan, Nowlin, Powers, Smith.
<br />AN ORDINANCE TO TAKE EFFECT IMMEDIATELY PROVIDED IT RECEIVES THE
<br />AFFIRMATIVE VOTE OF AT LEAST FIVE MEMBERS OF COUNCIL, OTHERWISE IT
<br />SHALL TAKE EFFECT AND BE IN FORCE AFTER THE EARLIEST PERIOD ALLOWED
<br />BY LAW, PROVIDING FOR THE ISSUANCE AND SALE OF NOTES IN A PRINCIPAL
<br />AMOUNT NOT TO EXCEED $1,410,000, IN ANTICIPATION OF THE ISSUANCE OF
<br />BONDS, TO PAY COSTS OF RESURFACING ATKINS AVENUE, BROCKLEY AVENUE,
<br />HIRD AVENUE, LAKELAND ROAD, LAUDERDALE AVENUE, MCKINLEY AVENUE,
<br />NORTHLAND AVENUE, ST. CHARLES AVENUE, WATERBURY ROAD, WYANDOTTE
<br />AVENUE, AND OTHER STREETS LOCATED WITHIN THE CITY, BETWEEN CERTAIN
<br />TERMINI, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO, AND
<br />DECLARING AN EMERGENCY.
<br />WHEREAS, the Director of Finance, as fiscal officer of the City, has certified that the
<br />estimated life or period of usefulness of the improvement described in Section 1 is at least five
<br />years and that the estimated maximum maturity of the bonds described in Section 1 is 15 years,
<br />and the maximum maturity of the notes described in Section 3 is 20 years; and
<br />WHEREAS, this Council by a vote of at least five of its members determines that this
<br />Ordinance is an emergency measure, and that this Ordinance shall take effect at the earliest date
<br />possible as set forth in Article III, Sections 10 and 13 of the Second Amended Charter of the City
<br />of Lakewood (the "Charter"), and that it is necessary for the immediate preservation of the public
<br />property, health and safety, and to provide for the usual daily operations of municipal
<br />departments and further to allow the City to issue the notes with other notes to be issued by the
<br />City into a consolidated issue and obtain savings in the issuance of the notes. Now Therefore
<br />BE IT ORDAINED by the City of Lakewood, Ohio, that:
<br />Section L It is necessary to issue bonds of this City in a principal amount not to
<br />exceed $1,410,000 (the "Bonds") to pay costs of resurfacing Atkins Avenue, Brockley Avenue,
<br />Hird Avenue, Lakeland Road, Lauderdale Avenue, McKinley Avenue, Northland Avenue, St.
<br />Charles Avenue, Waterbury Road, Wyandotte Avenue, and other streets located within the City,
<br />between certain termini, together with all necessary appurtenances thereto (the "Improvement").
<br />Section 2. The Bonds shall be dated approximately April 1, 2013, shall bear interest
<br />at the now estimated rate of 5-1/2% per year, payable semiannually until the principal amount is
<br />paid, and are estimated to mature in 15 annual principal installments on December 1 of each year
<br />that are in such amounts that the total principal and interest payments on the Bonds in any fiscal
<br />year in which principal is payable are substantially equal. The first principal payment of the
<br />Bonds is estimated to be December 1, 2013.
<br />Section 3. It is necessary to issue and this Council determines that notes in a
<br />principal amount not to exceed $1,410,000 (the "Notes") shall be issued in anticipation of the
<br />issuance of the Bonds to pay the costs of the Improvement. The Notes shall be dated the date of
<br />their issuance and shall mature one yeaz• fiom the date of their issuance, provided, however, that
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