4243 - 63 Provide advance funding for parking system revenue bonds

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RESOLUTION NO. 4243 BY: Messrs. Usher, Ward, Wendling~ Gaydos, Huffman, Lawther. AN EMERGENCY RESOLUTION declaring the intention of Council of the City of Lakewood to provide for the advance refunding of a portion of the City's outstanding Automobile Parking System Revenue Bonds. WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this resol~bion is an emergency measure which is necessary for the immediate preservation of the public peace~ property~ health and safety and for the further reason that negotiations must be immediately entered into before any change in market conditions occurs in order to provide substantial savings in interest cost to the City; and WHEREAS~ the City of Lakewood has heretofore issued and now has out- standing certain series of Automobile Parking System Revenue Bonds~ dated December l~ 1953~ September l~ 1956 and November l~ 1958~ respectively; and WHEREAS, Wm. J. Mericka & Co.~ Inc., of Cleveland~ Ohio~ has informally proposed to this Council the advisability ar_d feasibility at this time of issuing refunding bonds in like amount, which informal proposal contemplates that such refunding bonds will bear interest at a lower rate than the outstand- ing bonds and the proceeds of which bonds may be invested at such advantageous rate as will result in a saving in interest charges to the City over the life of the bonds to be refunded of an amount sufficient to make such refunding advis- able; and WHERF~S: Council deems it advantageous to proceed with the projected refunding in order to accomplish such savings; NOW~ T~REFO~ BE IT RESOLVED by the Council of the City of Lakewood~ Ohio: Section 1. That Council hereby declares the intention of proceeding with the proposed refunding hereinbefore recited with respect to the callable portion of the outstanding Automobile Parking System Revenue Bonds of the City provided that anticipated savings in an amount acceptable to this Council can be developed as a result of final firm commitments with respect to the sale of the proposed refunding bonds and the investment of the proceeds. Section 2. That in contemplation of further proceedings for such re- funding~ the Director of Finance is hereby authorized and directed to mail the notices of such proposed refunding revenue bond issue required for due comp- liance with Section 133.371 of the Revised Code of Ohio as soon as the principal amount of such issue is established. Section 3. That said Director of Finance is further authorized and directed to proceed with negotiations with Wm. J. Mericka & Co.~ Inc.~ with a view to obtaining from said Company its firm proposal for the purchase of such proposed refunding revenue bond issue and to submit the same to Council at the earliest possible date. Section 4. This resolution~ having been determined to be an emergency measure~ shall be in full force and effect from and immediately after its passage and approval by the Mayor. Adopted: Apri~ 22, 1963 Robert M. Lawther President of Council Approved: April 26, 1963 ... Philip. M. Dearborn Clerk of Council Prank P. Celeste Mayor