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Placed on 1st reading & referred to Finance <br />12/16/19; 2°a reading 01/06/20. <br />Please Substitute for the oriqinal. <br />VARIOUS PURPOSE IMPROVEMENTNOTES, SERIES 2020 <br />(REFUNDING PORTION) <br />Bullock, Litten, Neff, O'Malley, Rader, Shachner <br />ORDINANCE NO. 49-19 By <br />AUTHORIZING THE ISSUANCE OF SPECIAL OBLIGATION INCOME TAX <br />REVENUE NOTES IN THE AMOUNT OF NOT TO EXCEED $22,705,000 IN <br />ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY COSTS OF (I) <br />DESIGNING, PERMITTING, ENGINEERING AND CONSTRUCTING <br />SEWER IMPROVEMENTS, TOGETHER WITH ALL NECESSARY <br />APPURTENANCES THERETO, (II) DESIGNING, ENGINEERING, <br />PERMITTING AND CONSTRUCTING IMPROVEMENTS TO THE CITY'S <br />EXISTING DIGESTER MIXERS, HEAT EXCHANGERS AND TANKS, <br />TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO, (III) <br />DESIGNING, ENGINEERING AND CONSTRUCTING WATER <br />IMPROVEMENTS, TOGETHER WITH ALL NECESSARY <br />APPURTENANCES THERETO, (IV) IMPROVING LAKE AVENUE, <br />RIVERSIDE DRIVE AND OTHER STREETS LOCATED WITHIN THE <br />CITY, BETWEEN CERTAIN TERMINI, BY RESURFACING AND <br />REPLACING CONCRETE, TOGETHER WITH ALL NECESSARY <br />APPURTENANCES THERETO, (V) REPLACING OR IMPROVING THE <br />ROOF OF THE PUBLIC WORKS GARAGE AND OTHER PUBLIC <br />BUILDINGS, TOGETHER WITH ALL NECESSARY APPURTENANCES <br />THERETO, (VI) IMPROVING PARKING LOTS WITHIN THE CITY BY <br />RESURFACING AND REPLACING CONCRETE, TOGETHER WITH ALL <br />NECESSARY APPURTENANCES THERETO, (VII) REPLACING <br />EQUIPMENT AND BACKSTOP FOR POLICE FIRING RANGE, (VIR) <br />IMPROVING PARKS WITHIN THE CITY, INCLUDING LAKEWOOD PARK, <br />EDWARDS PARK AND WAGAR PARK, TOGETER WITH ALL <br />NECESSARY APPURTENANCES THERETO AND (IX) IMPROVING <br />SIDEWALKS WITHIN THE CITY; AND RETIRING NOTES PREVIOUSLY <br />ISSUED FOR SUCH PURPOSE; APPROVING RELATED MATTERS <br />PROVIDING FOR THE PLEDGE OF REVENUES FROM THE CITY'S 1.50% <br />INCOME TAX TO SECURE THE PAYMENT OF THE PRINCIPAL OF AND <br />INTEREST ON THE NOTES IN ANTICIPATION OF BONDS; AND <br />APPROVING RELATED MATTERS; AND DECLARING AN EMERGENCY <br />WHEREAS, the City of Lakewood (the "City") levies an income tax at a rate of 1.50% pursuant to <br />Section 128 of the Codified Ordinances of the City (the "Income Tax") to provide funds for general <br />municipal functions of the City; <br />WHEREAS, pursuant to Article XVIII, Section 3 of the Ohio Constitution, the City is authorized to <br />issue special obligation revenue bonds and bond anticipation notes supported by the Income Tax and in <br />anticipation of the receipt of revenues of the Income Tax (the "Revenues") to provide funds for municipal <br />purposes; <br />WHEREAS, the City Council (the "Council") of the City of Lakewood, Ohio (the "City") has <br />issued notes dated March 29, 2018, in the aggregate principal amount of $22,705,000, which will mature on <br />March 26, 2020 (the "Outstanding Notes"), in anticipation of the issuance of bonds described herein; <br />14453604v4 <br />