3757 - 38 BAN - construct municpal garage

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ORDIi~A._~CE NO. 3757 by l~r. Dawscn AN E~,~iRGENCY 0RDINANC~ to provide for the issuance of notes by the City of Lake~ood, Ohio, in anticipation of the issuance of bonds for the purpose of constructing a municipal garage on real estate now owned by the City at 12920 Berea Road and declaring the necessity of issuing such bonds for such purpose. ~iEREAS, this Council bas requested the Director of Fina~ce, as fiscal officer of the City, to issue his certificate as to the estimated life of the improvement to be constructed from the proceeds of the bonds here- inafter referred to, and of the notes to be issued in anticipation of the issuance of said bonds, and as to the maximum maturity of such bonds and notes and the Director of Finance has certified to this Council such estimated life as exceeding five years an~ has further certified the maxim~ maturity of such bonds as twenty-five yea rs and such notes as two years; and '~t~EREAS, it is desired to erect a municipal garage on real estate now o~ed by the City at 12920 Berea Road which work is to be done as a P.W.A. project and it is necessary for the City to provide promptly its portion of the funds necessary to carry on said work without delay and to provide for the usual daily operation of a municipal department, to-wit: the Department of Public ~orks. T~REFOP~, BE IT 0RDAIh~D by the Council of the City of Lakewood, State of Ohio, two-thirds (2/~) of all members thersof conc~rring: Section 1. That this Co~uucil hereby declares that it is deemed necessary to issue bonds oF the City of Lak~ocd, Ohio, in the principal sum of i~irty-eight Thousand Five Eundred Dollars (~8,$00.00) to provide a fund for the put-pose of constructing a municipal garage on real estave now owned by the City at 1~9~0 Berea Road. Section 2. That said bonds of the City of Lakewood, Ohio, shall be issued in the principal sum of hmrty eight ~ousand ~ive Hundred Dollars (~, S00.00) for the purpose aforesaid. That said bonds shall be of the denomination of Thirty eight (ZS) bonds of One Thousand Dollarm (~l,000.0?) each and one (1) bond of Five Hundred Dollars (~800.00) and shall be dated July 1st 19~, shall bear interest at the rate of two oercent (B~o) per annum payable semi-annually on the first day of April and the first day of October of each year until the principal s~m~ is paid aud shall mature in substantially equal annual installments after their issuance, be subject to call or redemption prior to maturity at not more than par, in acco-~'dance with the provisions of Section 229~-~ of the General Code of Ohio. Section ~at it is necessary and this that notes shall be issued in issuance of said bonds. Co~uacil hereby deter~.ines anticipation of the Section 4. i~at such anticipatory notes in the sum oi~ Thirty- Eight ~T~ousand ~ive Hundred ~ollars (~GS,~00.00) which sum do~ not exceed the amount of the bond issue, shall be issued bearing~interest at the rate of one and one- half per cent (l~) per annum, payable semi-annually. Such notes shall be dated September 1st 19~8, and shall mature on the first day of July, 1~$9, provided, however, that such notes shall be redeemable at any interest period. Such notes shall be executed and delivered in such number and such denominations as may be necessary but not to exceed the amount stated in this section.