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ORDINANCE NO.47-2020
<br />Placed on 1st reading &
<br />referred to Finance
<br />12/21/20; 2nd reading 1/4/21
<br />Bullock, Kepple ® Litten f Neff®
<br />Of Malleyf Rader, Shachner
<br />AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $25,750,000 OF BONDS FOR THE
<br />PURPOSE OF CURRENTLY REFUNDING NOTES ISSUED FOR THE PURPOSE OF (I)
<br />DESIGNING, PERMITTING, ENGINEERING AND CONSTRUCTING SEWER IMPROVEMENTS,
<br />TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO, (II) DESIGNING,
<br />ENGINEERING, PERMITTING AND CONSTRUCTING IMPROVEMENTS TO THE CITY' S
<br />EXISTING DIGESTER MIXERS, HEAT EXCHANGERS AND TANKS, TOGETHER WITH ALL
<br />NECESSARY APPURTENANCES THERETO, (III) DESIGNING, ENGINEERING AND
<br />CONSTRUCTING WATER IMPROVEMENTS, TOGETHER WITH ALL NECESSARY
<br />APPURTENANCES THERETO, (IV) IMPROVING LAKE AVENUE, RIVERSIDE DRIVE,
<br />LAKEWOOD HEIGHTS BOULEVARD, BONNIEVIEW AVENUE, CANNON AVENUE, MARS
<br />AVENUE, VICTORIA AVENUE, ST. CHARLES AVENUE AND OTHER STREETS LOCATED
<br />WITHIN THE CITY, BETWEEN CERTAIN TERMINI, BY RESURFACING AND REPLACING
<br />CONCRETE, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO, (V)
<br />REPLACING OR IMPROVING THE ROOF OF THE CITY HALL, PUBLIC WORKS GARAGE AND
<br />OTHER PUBLIC BUILDINGS, TOGETHER WITH ALL NECESSARY APPURTENANCES
<br />THERETO, (VI) IMPROVING PARKING LOTS WITHIN THE CITY BY RESURFACING AND
<br />REPLACING CONCRETE, TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO,
<br />(VII) REPLACING EQUIPMENT AND BACKSTOP FOR POLICE FIRING RANGE, TOGETHER
<br />WITH ALL APPURTENANCES THERETO (VIII) IMPROVING PARKS WITHIN THE CITY,
<br />INCLUDING LAKEWOOD PAS, EDWARDS PARK AND WAGAR PARK, TOGETHER WITH ALL
<br />NECESSARY APPURTENANCES THERETO AND (IX) IMPROVING SIDEWALKS WITHIN THE
<br />CITY; APPROVING RELATED MATTERS IN CONNECTION WITH THE ISSUANCE OF THE
<br />BONDS; AND DECLARING AN EMERGENCY
<br />WHEREAS, the City Council (the "Council") of the City of Lakewood, Ohio (the "City") has
<br />issued notes dated March 25, 2020, in the aggregate principal amount of $28,215,000, which will mature on
<br />March 24, 2021 (the "Outstanding Notes"), in anticipation of the issuance of bonds described herein, for the
<br />purpose stated in the title of this Ordinance; and
<br />WI -AREAS, it appears advisable to retire a portion of the Outstanding Notes; and
<br />WHEREAS, the Director of Finance of the City (the "Director of Finance") has certified to this
<br />Council that the estimated life of the improvements stated in the title of this ordinance (the "Project"), which
<br />is to be constructed from the proceeds of the bonds herein authorized cannot exceed the maximum maturity
<br />26 years; and
<br />WHEREAS, it is now deemed necessary to issue and sell not to exceed $25,750,000 of such bonds/
<br />under authority of the general laws of the State of Ohio, including Chapter 133, Ohio Revised Code, and in
<br />particular Section 133.23 thereof, for the purpose stated in the title of this Ordinance;
<br />WHEREAS, this Council by a vote of at least two thirds of its members determines that this
<br />Ordinance is an emergency measure, and that this Ordinance shall take effect at the earliest date possible
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<br />15815578v2
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