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DocuSign Envelope ID: D1 D7BO29-ODBD-4276-9A2E-BOA56F6EO688
<br />ORDINANCE NO. 4 7- 2 0 2 3
<br />1st read & referred
<br />to Finance 12/18/23
<br />2nd read 1/2/24
<br />By: Baker, Bullock, Kepple, Marx,
<br />Rader, Shachner, Strebig
<br />AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least
<br />two thirds of the members of Council, or otherwise to take effect and be in force at the earliest period
<br />allowed by law, authorizing the issuance of not to exceed $41,000,000 of bonds for the purpose of retiring
<br />notes issued for the purpose of (i) designing, engineering, permitting and constructing a new outfall, stone
<br />revetment and rehabilitating the existing sewers, together with all necessary appurtenances thereto, (li)
<br />improving and reconstructing the city's recycling facility, (iii) improving the city's jail; (iv) improving
<br />sidewalks within the city; (v) replacing or improving the roof of the public works garage and other public
<br />buildings, together with all necessary appurtenances thereto, (vi) improving heating, ventilation and air
<br />conditioning systems in various city facilities including the municipal utilities garage, wastewater treatment
<br />plant, women's club pavilion and city hall, (vii) improving Detroit road, Hilliard road and other streets
<br />located within the city, between certain termini, by resurfacing and replacing concrete, together with all
<br />necessary appurtenances thereto, (viii) designing, engineering and constructing water improvements,
<br />together with all necessary appurtenances thereto, (ix) improving parks within the city, including foster
<br />pool and other park improvements, together with all necessary appurtenances thereto, (x) improving
<br />Hilliard road and other streets located within the city, between certain termini, by resurfacing and replacing
<br />concrete, together with all necessary appurtenances thereto, (xi) designing, engineering and constructing
<br />sewer improvements, together with all necessary appurtenances thereto, (xii) constructing a refuse recycling
<br />facility and animal shelter; renovating refuse truck parking facility; replacing or improving the roofs of
<br />public buildings, including the municipal facilities garage; improving the sites thereof, including
<br />infrastructure improvements, together with all necessary appurtenances thereto, (xiii) improving parks
<br />within the city, including foster pool, Lakewood park and other park improvements, together with all
<br />necessary appurtenances thereto, (xiv) improving sidewalks within the city and (xv) improving Arthur
<br />avenue, Lakeland avenue, olivewood avenue, Esther avenue, Roycroft avenue, Wyandotte avenue and other
<br />streets located within the city, between certain termini, by resurfacing and replacing concrete, together with
<br />all necessary appurtenances thereto; approving related matters in connection with the issuance of the bonds.
<br />WHEREAS, the City Council (the "Council") of the City of Lakewood, Ohio (the "City") has issued
<br />notes dated March 15, 2023, in the aggregate principal amount of $41,000,000, which will mature on
<br />March 14, 2024 (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 />WHEREAS, it appears advisable to retire all or 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 />of 27 years; and
<br />WHEREAS, it is now deemed necessary to issue and sell not to exceed $41,000,000 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
<br />as set forth in Section 2.12 of the Third Amended Charter of the City of Lakewood (the "Charter"), and that
<br />it is necessary for the immediate preservation of the public property, health and safety, and to provide for
<br />the usual daily operations of municipal departments and further to allow the City to issue the Bonds to retire
<br />the Outstanding Notes and maximize interest costs savings in a fluctuating bond market. Now Therefore
<br />190017990
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