THE LAKEWOOD CITY COUNCIL CHAMBERS OCTOBER 18 2010 ...

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I j e October 18 2010 Lakewood City Council Lakewood OH 44107 12650 DETROITAVENUE 44107216 529 6092 FAX216 529 6806 Jennifer R Pae DirectorofFinance Re 771 million Issuance ofCity ofLakewood Ohio General Obligation Bonds and455 million Refunding ofthe 1998 General Obligafion Bonds Deaz Members ofCouncil Attached please find the Ordinances relating to the issuance of the general obligation bonds in the amount of771 000 used to finance capital improvement projects from 2007 to 2010 and the refunding ofthe4550 000 1998 general obligation bonds I respectfully request that this legislation be placed on first reading and referred to the Finance Committee forfurther review Sincerely ennifer R Pae DirectorofFinance T
ORDINANCE NO By AN ORDINANCE to take effect immediatelyprovided it receives the affirmative vote ofat least five 5 members elected to Council otherwise it shall take effect and be in force after the earliest period allowed by law providing for the issuance and sale of bonds in the aggregate principal amount not to exceed771 000 to pay costs ofvarious improvements approving and authorizing various documents and actions related to the issuance ofthebonds WHEREAS pursuant to Ordinance No 25 10 passed April 5 2010 a note dated April 14 2010 and maturing on April 13 2011 the Outstanding Note was issued to pay costs o i resurfacing City streets driveways and parking lotsiireconstructing a fuel tank bulkhead iii replacing traffic signals iv improving parksv constructing and reconstructing streets and sidewalks vi reconstructing renovating and improving City buildings vii implementing reforestation programs and viii improving the Lakewood Park Shoreline collectively the Improvement and WHEREAS the Director of Finance as fiscal officer ofthe City has certified that the estimated life or period of usefulness of the Improvement is at least five years and that the estimated maximum maturity ofthe Bonds is 18 years based upon the weighted average of the amounts allocated to the several classes of the Improvement set forth in the Fiscal Officer s Certificate which allocation is approved ratified and confirmed and WHEREAS this Council fmds arid determines that the City should retire the Outstanding Note with the proceeds ofthe Bonds described in Section 2 and other funds availableto the City and WHEREAS this Council by a vote of at least five 5 members elected thereto determinesthat this ordinance is an emergency measure and that this ordinance shall take effect atthe earliest date possible as set forth in ARTICLE III SECTONS 10 and 13 ofthe SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD and that it is necessary for the immediate preservation of the public property health and safety and to provide for the usual daily operation of municipal departments in that the Bonds must be sold promptly in order to retirethe Outstanding Note and preserve the credit ofthe City Now Therefore BE IT ORDAINED bythe City ofLakewood County ofCuyahoga Ohio that Section 1 Definitions and Interpretation In addition to the words and terms elsewhere defined in this Ordinance unless the context or use clearly indicates another ordifferent meaning or intent Annual Information means annual financial information and operating data ofthe type to be specified in theContinuing Disclosure Agreement in accordancewith the Rule Authorized Denominations means the denomination of5000 or any integral multiple thereof J p
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DOCKET OF AMEETING OF THE LAKEWOOD
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l0 ORDINANCE NO 53 10 An Ordinance
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Kaufmann Park known as Lakewood Lit
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128 0306 CORPORATION COryoration me
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No shall be person required to with
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as CONSTRUCTION INDEPENDENT cuM1 nn
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d 1 On the portion attributable to
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MUNICIPALITY OR IN ANY MUNICIPALITY
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2 A TAXPAYER WHO RECEIVES INCOME AS
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128 2203 13A8I13TY PORNON PAYMENT B
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f Help maintainastable basebypxovid
Page 23 and 24: H Theyshallbe dceigned to havetow f
Page 25 and 26: ee Registered PmfessiovW Surveyor m
Page 27 and 28: 5 Theapplicant shall meet Ne requir
Page 29 and 30: Section 2 It is found and determine
Page 31 and 32: oao so nn 043r m Toy 3 O m ac o m m
Page 33 and 34: Ordinance No 53 1o PLACED ON 1ST RE
Page 35 and 36: e hUQUraI Design Anygrephiq other s
Page 37 and 38: egulations of the Gty shall beremov
Page 39 and 40: j Wall arPanel Sons Shall not Proje
Page 41 and 42: RESOLUTION NO 8450 10 gy PLACED ON
Page 43 and 44: N Q Q r O N LJ m X w r f0 a O N W O
Page 45 and 46: City ofLakewood Audit Committee Ann
Page 47 and 48: City ofLakewood Audit Committee Ann
Page 49 and 50: 6 Reduction of economicdevelopment
Page 51 and 52: Counrl ak Large NICKIE ANTONIO MONI
Page 53 and 54: Citizens Committee for Leashed Dogs
Page 55 and 56: I h orr October 18 2010 Dear Member
Page 57 and 58: ORDINANCE N0 BY AN ORDINANCE to tak
Page 59 and 60: nsoo a and of any of its committees
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Page 67 and 68: 0 0 0 0 0 b d o oa o w MAR c w o 7
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Page 71 and 72: 7b y wo ro b ms rn o F a y y o F gy
Page 73: N 0 y ti o sb w to R O N w o M p y
Page 77 and 78: Unless otherwise indicated referenc
Page 79 and 80: Bonds isnot secured by a lien on an
Page 81 and 82: any subsequent Mandatory Sinking Fu
Page 83 and 84: they not been called for redemption
Page 85 and 86: notification of the book entry inte
Page 87 and 88: or give reports covenants and certi
Page 89 and 90: waiver will notbe effecfive unless
Page 91 and 92: Section 16 Emereency This Ordinance
Page 93 and 94: Annual Information means annual fin
Page 95 and 96: Interest Payment Dates means June 1
Page 97 and 98: a Interest Rates and Payment Dates
Page 99 and 100: applicable to those Term Bonds the
Page 101 and 102: on behalf ofthe City The same perso
Page 103 and 104: Ordinance arenot materially adverse
Page 105 and 106: T b Applicationfor Rating or Bond I
Page 107 and 108: Annual hiformafion and notices ofth
Page 109 and 110: or o Q QD f I LAWRENCE E MROZ o FIR
Page 111 and 112: automatically by the most recent ed
Page 113 and 114: Ir October 18 2010 Lakewood City Co
Page 115 and 116: the reasons set forth and defined i
Page 117 and 118: RESOLUTION N0 BY A RESOLUTION to ta
Page 119: NOTICE TO LEGISLATIVE AUTHORITY TO
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THE LAKEWOOD CITY COUNCIL CHAMBERS OCTOBER 18 2010 ...

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