THE LAKEWOOD CITY COUNCIL CHAMBERS OCTOBER 18 2010 ...

ORDINANCE NO By
AN ORDINANCE to take effect immediatelyprovided it receives theaffumative 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 exceed4550 000 to refund all or a portion of the City s outstanding
various purpose general obligation bonds series 1998 approving and authorizing various
documents and actions relatedto the issuance ofthe bonds
WHEREAS pursuant to Ordinance Nos798898 98 10 98 11 98 12 98 13 98
14 98 15 98 16 98 17 98 18 98 and20 98 each passed March 2 1998 bonds dated as of
March 1 1998 the Outstanding Bonds were issued to pay costs o i acquiring and
installing police communications equipment ii improving streets iii renovating and
equipping municipal recreational facilities iv improving and renovating municipal buildings
municipal sites and rights of wayvreconstructing and resurfacing streets curbs aprons and
sidewalks and restoring tree lawns vi renovating the service garage vii installing traffic
signals viii advance refunding the City s Various Purpose General Obligation Bonds Series
1992 dated June 15 1992 issued for the purpose ofa acquiring real estate b reconstructing
and replacing curbingc constructing adding to and renovating City buildings d constructing
a fire stafion e improving recreational facilities andfconstructing and reconstructing streets
curbs and aprons and ix advance refunding the City s Sanitary Sewer System Special
Obligation Bonds Series 1992 dated February 1 1992 issued to pay the costs of acquisition
construction and improvement ofsanitary sewer facilities collectively the Improvement and
WHEREAS the Director ofFinance as fiscal officer of the 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 of the Bonds calculated in accordance with Ohio Revised Code
Section 133 34 is December 1 2017 the last maturity permitted forthe Outstanding Bonds and
WHEREAS this Council finds and determines that the City should refund all ora portion of
the Outstanding Bonds with the proceeds of the Bonds described in Section 2 and other funds
available tothe City and
WHEREAS this Council by a vote of at least five 5 members elected thereto
determines that this ordinance is an emergency measure and that this ordinance shall take effect
at the 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
retire the Outstanding Note and preserve the credit ofthe City Now therefore
BE IT ORDAINED by the City of Lakewood County of Cuyahoga Ohio that
Section 1 Defmitions and Interpretation In addition to the words and terms elsewhere
definedin this Ordinance unless the context or use clearly indicates another or different meaning or
intent