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ORDINANCE NO. 5 -15
<br />PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMN AR,ousFPuiafOSEM ROVEMENTNOTES, SERIES 2015
<br />(ROADWAY hIPROVEMEaT PORTION)
<br />SECOND READING 3/2/15.
<br />i
<br />Anderson, Bullock, Juris,
<br />Madgian, Marx, O'Leary.
<br />AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least
<br />five members of council, or otherwise to take effect at the earliest period allowed by law, authorizing the
<br />issuance of notes in the amount of not to exceed $1,500,000 in anticipation of the issuance of bonds; to pay
<br />the costs of resurfacing Arthur Avenue, Carabel Avenue, Cliffdale Avenue, Cook Avenue, Cranford
<br />Avenue, Edgewater Drive, Edwards Avenue, Garfield Avenue, Kenneth Avenue, Lake Point Drive, Maile
<br />Avenue, Nicolson Avenue, Ogontz Avenue, Owego Avenue, Rockway Avenue, Sloane Subway, South
<br />Marginal Drive, St, Charles Avenue, and other streets located within the city.
<br />WHEREAS, the Director of Finance (the "Director of Finance ") of the City of Lakewood, Ohio
<br />(the "City ") has certified to this Council that the estimated life of the improvement stated in the title of this
<br />ordinance (the "Project") which is to be financed with the proceeds of bonds and notes hereinafter referred
<br />to exceeds five years, the maximum maturity of bonds being 10 years and notes being 15 years; 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 set forth
<br />in Article III, Sections 10 and 13 of the Second Amended Charter of the City of Lakewood (the
<br />"Charter "), and that it is necessary for the immediate preservation of the public property, health and
<br />safety, and to provide for the usual daily operations of municipal departments and further to allow the
<br />City to issue the notes with other notes to be issued by the City into a consolidated issue and obtain
<br />savings in the issuance of the notes; now, therefore,
<br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, OHIO:
<br />Section 1. Issuance of Bonds. It is hereby declared necessary to issue bonds (the "Bonds ") of
<br />the City in the principal sum of not to exceed $1,500,000, for the propose of paying the cost of the
<br />Project.
<br />Section 2. Terms of the Bonds. The Bonds shall be dated prior to the maturity date of the Notes
<br />(as defined herein below), shall bear interest at the maximum average annual interest rate presently
<br />estimated to be 4.50% per annum, payable semiannually until the principal sum is paid, and shall mature
<br />in 10 annual installments.
<br />Section 3. Issuance of Bond Anticipation Notes. It is necessary to issue, and this Council hereby
<br />determines that there shall be issued, notes in anticipation of the issuance of the Bonds.
<br />Section 4. Combining Notes for Purposes of Issuance and Sale. It is hereby determined, that for
<br />the purposes of issuance and sale, it may be in the best interest of the City to combine the Notes with
<br />other limited tax general obligations notes of the City authorized by separate ordinance of this Council.
<br />The Notes and such other notes shall be jointly referred to herein as the "Combined Notes." As used in
<br />this ordinance, the term "Notes" shall also mean the Combined Notes, where appropriate. The Combined
<br />Notes shall be designated "City of Lakewood, Ohio Various Purpose Improvement Notes, Series 2015," or
<br />as otherwise determined by the Director of Finance.
<br />Section 5. Terms of the Notes: Certificate of Fiscal Officer Relating to Terms of Notes. Such
<br />anticipatory notes (the "Notes ") shall be in the amount of not to exceed $1,500,000, which sum does not
<br />exceed the amount of the Bonds. The Notes shall be dated the date established by the Director of Finance
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