39-12 Retire Outstanding Note with Bond Proceeds

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PLACED ON 1ST READING & REFERRED TO THE FINANCE COMMITTEE 9/4/12. ORDINANCE NO. 39-12 BY~ Anderson, Bullock, Juris, Madigan, Nowlin 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 BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $6,150,000 TO PAY COSTS OF VARIOUS IMPROVEMENTS; AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 13-03 passed on March 17, 2003, the Series 2003 Bonds (as hereinafter defined), were issued, in part, to pay costs of the Improvement (as hereinafter defnded); and WHEREAS, pursuant to Ordinance Nos. 19-12 and 20-12, each passed on March 19, 2012, the Outstanding Note (as hereinafter defined) was issued, in part, to redeem the then outstanding Series 2003 Bonds; and WHEREAS, the Director of Finance, as fiscal officer of the City, has certified that the useful life of the Improvement is at least five years and maximum maturity of the Bonds (as hereinafter defined) is December 1, 2023; and WHEREAS, this Council finds and determines that the City should retire the Outstanding Note with the proceeds of the Bonds, the proceeds of notes to be issued by the City and other funds available to the City; 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 Charter (as hereinafter defined), 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 timely retire the Outstanding Note and thereby preserve its credit. Now, Therefore, BE IT ORDANED by the City of Lakewood, Ohio, that: Section 1. In addition to the words and terms elsewhere defined in this Ordinance, unless the context or use clearly indicates another or different meaning or intent: "Annual Information" means annual financial information and operating data of the type to be specified in the Continuing Disclosure Agreement in accordance with the Rule. "Authorized Denominations" means the denomination of $5,000 or any integral multiple thereof. "Bond proceedings" means, collectively, this Ordinance, the Bond Registrar Agreement, the Bond Purchase Agreement, the Final Terms Certificate, the Continuing Disclosure