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PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 2/18/14.
<br />ORDMANCENO. 8_14 $ 2ND READING 3/3/14.
<br />By: Anderson, Bullock, Juris, Madigan, Marx, Nowlin,
<br />0 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 a principal amount not to
<br />exceed $1,500,000, in anticipation of the issuance of bonds, to pay costs of resurfacing Donald
<br />Street, Cranford Street, Woodward Street, Nicholson Street, North Marginal Street, South
<br />Marginal Street and Clifton Boulevard, and other streets located within the city, between certain
<br />termini, together with all necessary appurtenances thereto.
<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 20 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, and that it is necessary for the immediate preservation of the public peace,
<br />property, health and safety, and to provide for the usual daily operation of municipal departments
<br />and further to allow the City to issue the notes with other notes to be issued by the City into a
<br />consolidated issue and obtain savings in the issuance of the notes; now, therefore
<br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, OHIO:
<br />Section 1. It is necessary to issue bonds of this City in a principal amount not to
<br />exceed $1,500,000 (the "Bonds ") to pay costs of resurfacing Donald Street, Cranford Street,
<br />Woodward Street, Nicholson Street, North Marginal Street, South Marginal Street and Clifton
<br />Boulevard, and other streets located within the City, between certain termini, together with all
<br />necessary appurtenances thereto (the "Improvement').
<br />Section 2. The Bonds shall be dated approximately April 1, 2015, 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, 2015.
<br />Section 3. It is necessary to issue and this Council determines that notes in a
<br />principal amount not to exceed $1,500,000 (the "Notes ") shall be issued in anticipation of the
<br />issuance of the Bonds to pay costs of the Improvement and the financing costs of the issuance of
<br />the Notes. The aggregate principal amount of the Notes to be issued (not to exceed $1,500,000)
<br />shall be determined by the Director of Finance in a final terms certificate in accordance with
<br />Section 6 of this Ordinance (the "Final Terms Certificate ") to be the aggregate principal amount
<br />of the Notes that is required to be issued at this time for the purpose stated in Section 2. The
<br />Notes shall be dated the date of their issuance and shall mature one year from the date of their
<br />issuance, provided, however, that the Director of Finance may, if it is determined to be necessary
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