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PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 2/19/13.
<br />PELAEED~~NN@2NDRREADING 3%4/13.
<br />ORDINANCE NO. 1-13 By' Anderson, Bullock, Juris,
<br />Madigan, Nowlin, 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 THE PRINCIPAL
<br />AMOUNT OF $3,948,000, IN ANTICIPATION OF THE ISSUANCE OF BONDS, TO PAY
<br />COSTS OF VARIOUS IMPROVEMENTS, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance Nos. 21-12, 22-12, 23-12 and 24-12, each passed
<br />March 19, 2012, a note in anticipation of bonds in the amount of $2,000,000, dated April 18,
<br />2012 and maturing April 17, 2013 (the " 2012A Outstanding Note"), was issued, to pay costs of
<br />improving Madison Avenue by providing new traffic signalization, improving and renovating the
<br />refuse facility, replacing the roof on City Hall and 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 />(collectively, the " 2012A Improvement"); and
<br />WHEREAS, pursuant to Ordinance No. 40-12 passed on September 17, 2012, a note in
<br />anticipation of bonds in the amount of $1,948,000, dated October 17, 2012 and maturing
<br />April 17, 2013 (the " 2012B Outstanding Note" and, together with the 2012A Outstanding Note,
<br />the "Outstanding Notes"), was issued to pay costs of resurfacing Arlington Road, Lakeland
<br />Avenue, Larchmonf Avenue, Madison Avenue, Morrison Avenue, Overlook Road, Wascana
<br />Avenue and other streets located within the City, improving Detroit Avenue by providing new
<br />traffic signalization and improving the municipal garage ventilation system, together with all
<br />necessary appurtenances thereto (collectively, the " 2012B Improvement" and, together with the
<br />2012A Improvement, the "Improvements"); and
<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 Improvements is at least five years and that the
<br />estimated maximum maturity of the bonds described in Section 1 is 15 years based upon the
<br />weighted average of the amounts allocated to the classes of the Improvements set forth in the
<br />Fiscal Officer's Certificate, which allocation is approved, ratified and confirmed, and the
<br />maximum maturity of $1,948,000 of the notes is April 21, 2031 and the maximum maturity of
<br />$2,000,000 of the notes is April 18, 2032; and
<br />WHEREAS, this Council fmds and determines that the City should retire the Outstanding
<br />Notes with the proceeds of the notes described in Section 3 and other funds available to the City;
<br />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 Chazter 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
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