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Placed on 1st reading &
<br />referred to Finance
<br />12/20/21; 2nd reading 1/3/22
<br />Baker, Bullock, Kepple, Litten,
<br />ORDINANCE NO. 59-2021 0' Malley, Rader, Shachner
<br />AN ORDINANCE to take effect immediately provided it receives the affirmative
<br />vote of at least two thirds of the members of Council, or otherwise to take effect and be in
<br />force after the earliest period allowed by law, authorizing the issuance of special
<br />obligation income tax revenue noted in the amount of of to exceed $9,275,000 in
<br />anticipation of the issuance of bonds to pay the costs of (I) designing, engineering, permitting and
<br />constructing a new outfall, stone revetment and reahibilitating the existing sewers, together with all
<br />necessary appurtenances thereto, (II) improving and recosnstructing the City's Recycling Facilty,
<br />(III) improving the City's Jail, (IV) improving sidewalks within the City, (V) improving Detroit
<br />road, Hilliard road and other roads and streets located within the City, between certain termini, by
<br />resurfacing and replacing concrete, together with all necessary appurtenances thereto, (VI) replacing
<br />or improving the roof of the public works garage and other public buildings, together with all
<br />necessary appurtenances thereto, (VII) designing, engineering, and constructing water
<br />improvements, together with all necessary appurtenances thereto, (VIII) improving sidewalks
<br />within the city, (IX) improving heating, ventilation and air conditioning systems in various city
<br />facilities including the municipal utilities garage, wastewater treatment plant, women's club
<br />pavilion, and city hall; and retiring notes previously issued for such purpose; approving
<br />related matters providing for the pledge of revenues from the city's 1.50% income tax to
<br />secure the payment of the principal of and interest on the notes in anticipation of bonds; and
<br />approving related matters.
<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 />WI -AREAS, 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 />DTI -AREAS, the City Council (the "Council") of the City of Lakewood, Ohio (the "City") has
<br />issued notes dated March 23, 2021, in the aggregate principal amount of $9,275,000, which will mature on
<br />March 22, 2022 (the "Outstanding Notes"), in anticipation of the issuance of bonds described herein;
<br />WHEREAS, it appears advisable in lieu of issuing bonds at this time to issue new notes in
<br />anticipation of the issuance of bonds, and to retire a portion of the Outstanding Notes;
<br />WI -AREAS, this Council desires to issue special obligation income tax revenue bond anticipation
<br />notes in an aggregate principal amount not to exceed $9,275,000 (the "Notes") to retire a portion of the
<br />Outstanding Notes;
<br />WI -AREAS, the Notes shall be payable solely from and secured by the Revenues of the City;
<br />Error! Unknown document property name.
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