THE LAKEWOOD CITY COUNCIL CHAMBERS OCTOBER 18 2010 ...

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