70-53 Automobile Parking System Revenue Bonds

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Ordinance NOW, THEREFORE $E TT ORDAINID by tkie Council of the City of Lakewood, Ohioe Section 1. T1}at Count}1 hereby finds and determines it to be immediately necessary, in order to relieve traffic and parking congestion on the public highways of the Gty, to effect traffic control, and to preserve the public health and safety, to provide additional off street panting facilities `for motor vehicle parkitjg by construgtion of the Project; and that for such puz°pose it is necessary to'issue and sell in nstallme~its as the Lots hereinbefore described are acquired Improvement Bonds in an aggregate prinoipal amount now estimated not to exceed ~5Gq,000; that in oz~der tq finance immediately the acquisition and improvement of Lot l above described and to provide funds for reimbursemsnt of the ~?S,OOO advents hereinbefore recited, there shall be immediately issued and sold Improvement Bonds in the principal amount of ~1~5,000, to be distinguished by the designa`rign "$eries A". ~?a.d Ssries A Installment fonds and all subsequent installments of Improve- ment 'fonds (unless otherwise specifically provided in the ordinance or resolution of Caur~cil authorising the sale of such subsequent installments) shall be sold at public sale to the highest bidder based on the lowest cost of money to the City under the supervision of the Director of Finance and pursuant to such one of the follgwing prbeedures as the Director of Finance shall determine with respect tq the sale of the particular installment of Improvement Bondsa Procedure (a} ., The Director of Finance shall cause to be mailed to such prospective bidders as he shall in his sole discretion determine an invitation for bids dssigpating the time when bids must be in and when they will be opensd and the award made, such date being called the date of sale. Said invitation s}~all state the purpose of the issue, the amount and maturities of the Improvement Bonds then offered fqr sale, the interest dates and call pra- visions~ that bidders shall specify the interest rats or rates and. may specify different .interest rates as between qne qr more principal maturities (no fractional rate to be gther than a multiple of 1/l~ of one per cent}, and that the minimum bid shall be par plus accrued interest to the Bats of delivery, Said invitations fqr bids shall be mailed at least qne week prior tq the date of sale,. Said invitation shall also state that a certified check drawn on some solvsnt bank and in amount not less than one per cent of the principal amount of the installment of improvement bonds being offered for sale, payable tq the order of the Gity of Lakewood, must accompany the bid or bids of each bidder, said check to secure the payment fqr said installment o£ Improvement Bonds accgrding tq Sueh bid and to be forfeited as liquidated damages in the event of default on the part of the bidder and that checks of unsuccessful bidders will be promptly returned. Said invitation shall further state that in the event, prior to the time the city notifies the purchaser that it is ready to deliver the installment of Improvement bonds, the income derived therefrom or the revenues pf the utility shall be made subject to taxation by the United States, by an act of Congress or otherwise, the purchaser may, at his aptign, cancsl the contract q~ sale, in which event the certified checje will be returned, Said invitation may contain such other terms not inconsistsnt herewith as the Director of Finance shall deem advisable, The city shall have the right to reject any and all bids. FroFedure (b} - The Director o#' Finance shall publish two weekly ad- vertisements in a newspaper or newspapers of general circulation in the city of Lakswoad, the date for receipt of bids and award of the bonds to be not less than fourteen full days after the first publication, said advertisement