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PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 2/18/14.
<br />2ND READING 3/3/14.
<br />ORDINANCE NO. 6 -14 By: Anderson, Bullock, Juris, Madigan,
<br />Marx, Nowlin, O'Leary.
<br />AN ORDINANCE to take effect immediately provided it receives the affirmative vote of
<br />at least five members of Council, or otherwise to take effect and be in force after the earliest
<br />period allowed by law, providing for the issuance and sale of notes in the principal amount of
<br />$6,202,000, in anticipation of the issuance of bonds, to pay costs of various improvements.
<br />WHEREAS, pursuant to Ordinance Nos. 1 -13, 2 -13, 3 -13, 4 -13, 5 -13 and 6 -13, each
<br />passed March 18, 2013, a note in anticipation of bonds in the amount of $6,430,000, dated April
<br />16, 2013 and maturing April 15, 2014 (the "Outstanding Note "), was issued, to pay costs of
<br />improving Madison Avenue by providing new traffic signalization; improving and renovating
<br />the refuse facility; replacing the roof on City Hall; resurfacing Atkins Avenue, Arlington Road,
<br />Arthur Avenue, Blossom Park Avenue, Brockley Avenue, Cove Avenue, Hird Avenue, Lakeland
<br />Road, Lakeland Avenue, Larchmont Avenue, Lauderdale Avenue, Lewis Drive, Madison
<br />Avenue, McKinley Avenue, Marlowe Avenue, Morrison Avenue, Northland Avenue, Olive
<br />Avenue, Overlook Road, St. Charles Avenue, Summit Avenue, Wascana Avenue, Waterbury
<br />Road, Woodward Avenue, Wyandotte Avenue, and other streets located within the City;
<br />improving Detroit Avenue by providing new traffic signalization; improving the municipal
<br />garage ventilation system; improving parks; reconstructing Madison Avenue; constructing a
<br />sheet pile bulkhead, docks and a parking area and replacing a salt storage facility, together with
<br />all necessary appurtenances thereto (collectively, 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 usefidness of the Improvements is at least five years and that the
<br />estimated maximum maturity of the bonds described in Section I 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 $400,000 of the notes is April 16, 2028, the maximum maturity of
<br />$649,333 of the notes is April 21, 2031, the maximum maturity of $2,000,000 of the notes is
<br />April 18, 2032 and the maximum maturity of $1,854,000 of the notes is April 16, 2033; and
<br />WHEREAS, this Council finds and determines that the City should retire the Outstanding
<br />Note 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 ordinance
<br />is an emergency measure, and that this ordinance shall take effect at the earliest date possible as
<br />set forth in Article III, Sections 10 and 13 of the Second Amended Charter of the City of
<br />Lakewood, and that it is necessary for the immediate preservation of the public peace, property,
<br />health and safety, and to provide for the usual daily operation of municipal departments and
<br />further to allow the City to timely retire the Outstanding Note and thereby preserve its credit;
<br />now, therefore,
<br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, OHIO THAT:
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