70-53 Automobile Parking System Revenue Bonds

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~ ~ / t Ordinance All of sublots 152, 153, 154, ?47, 24b, and 245 in th= Lakewood Realty Company's "Lakewood Bark" subdivision as shown by plat•yecorded in Vohjme 27, page 26, Cuyahoga County Record o~ Maps. The lot formed by beginning at a point at the north east corner of Detroit Avenue and Warren Road9 and extending in a northerly direction from that point in the easterly line of Warren Road 15G.1b feet to a point at the southwest corner of sublot 152 in the Lakewood Realty Company~s "Lakewood Park" Subdivision as shown in Vol. 27 page 26 of Cuyahoga County Record of Mags, the ;principal place of beginning, thence in an easterly direction From said paint along the southerly line of sublot l52 aforesaid, 52 feet, thence 65 feet in a southerly diregton parallel to the easterly line of Warren Road, thence 52 feet in a westerly direction parallel to the southerly line of sublot 152 aforesaid, to the east line of Warren Road, thence 65 feet in a northerly direction to the principal place of beginning. Lot 3. Lying between Cogk Avenue aid Gladys Avenue, to contain an estimated 84 metered parking spaces and described as follows: sublots 59, b0, and bl of the Charles Cook Subdivision in Volume 25, page 2, Cuyahoga County Record of Maps. Proposed sublots. 6, 5, the northerly 40 feet of sublot 4, all of sublot 3, plus the southerly 10 feet of sublot 4 in the WigmorerStuart Subdivision, Vol. 33, page 5, Cuyahoga County Record of Maps,.. WHER6pS', it is desired to finance the Project, including reunbursement of the aforesaid advance of X35,000, and including ah expenses, legal, engineering and ;financial, incidental thereto, by the issuance and sale of negotiable revenge bonds under the powers granted by Section 3, Article XVIII, of the Constitution of Ohio,. which bonds (hereinafter called '°Tmprovement BondsTM) together Witt} any additional bonds subsequently issued pursuant to the provisions hereof on a parity therewith (hereinai'ter called "Additional Bonds%, the Improvem ment Bonds and Additional Bonds being hereinafter collectively called the "Bonds"') shall impose no liability upon the City but are to be payable only from, and secured by pledge of, the revenµes derived from the Parking System Facilities (hereinafter called the "Pledged Revenues"), which pledge is to be evidenced by an indenture of pledge hereinafter provided for {hereinafter referred to as the "lndenturen); WI3F_iREps, this ordinance constitutes and is declared to be an emergency for th2 reasons that it is essential to take immediate action to relieve traffic congestion for the protection of the public safety upon the streets of the City; in that in order to acquire the real estate requited for, and to construct thereon, qff-street park~.ng facilities, it is IIece.ssary to issae revexeue bonds to provide. funds therefor; 8nd in that it provides for the public health aad welfare and the 'usual daily operation of a municipal department;: