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<br />ORDINANCE N0, 72-5"j BY Mr. Vickery <br />Relating to .the authorization of Automobile Parking <br />System Revenue Bonds, the issuance and award. of a first <br />installment thereof of X1759000 principal amount for the <br />purpose of acquiring. sites for and laying out9 establish® <br />ng and constructing 'thereon municipal off street parking <br />`facilities for motor vehicles9-.the payment of .said bonds <br />from9 and the securing thereof by indenture of pledge of9 <br />revenues derived frpm all parking facilities of the City9 <br />and the appointment of a receiver iii the event of default <br />by the City in said bonds or said indenture; repealing <br />Ordinance No. 70-53 passed October 199 1953 and enacting <br />this ordinance in place thereof; and declaring"an emergenc}r. <br />T7E3EREAS9 Ordinance No. 70-53 passed October 199 1953 was adopted to pror <br />vide for Automobile Parking System Revenue Bonds for the same purposes hereinaftep <br />set forth but provided for sale of such bonds by public sale and included certain <br />dates which were based upon the assumption that said bonds co~~ld be delivered and <br />payment received before December l9 19533 and <br />SEAS; though no public advertisement has been made9 the City has <br />received an offer dated November 29 1953 from"$3m. J. Pulericka & Co.9 Inc. and <br />Nelson Browning & Co. to purchase the first installment of X1759000 principal <br />mount of said bonds at par with an annual interest rate of 3°3~lt~ (said offer <br />being herein referred to as the Bond Purchase Proposal); and <br />~HEREAS9 it is believed that the price is as i'avorable to the City as <br />could be obtained by advertisement and public sale; and <br />91~43EAEAS9 the City can9 by prompt acceptance or this proposal9obtain <br />Certain advantages including a`n agreement to purchase said bonds and avoidance <br />of the delay incident to advertisement and public sale and the consequent risk <br />of adverse change in market conditions; and <br />;~FIEREASe it is not expected that the bends can be delivered before <br />December l9 1953, though the agreement of sale can be made forthwith; and <br />REAS9 in view of the foregong9 it is deemed necessary to adopt <br />this Ordinance in place of said Ordinance No, 70°53 and accept the Bond Purchase <br />Proposal; and <br />~ftFLt~`iEAS9 traffic congestion upon the streets and high~vays of the City of <br />Lakewood and the existing inadequacy of off-street parking space within business <br />areas to relieve such congestion have reached such a point as to require9 in the <br />judgment of Council9 the establishment9 construction and operation in such areas <br />of municipal off-street parking facilities for motor vehicles; and <br />TWfiEREAS9 the City has heretofore established9 and may hereafter establish <br />parking spaces and meters on many of its streets (hereinafter called "on-street <br />parking facilities") for the purpose of controlling and regulating the use of such <br />streets for motor vehicle parking9 which facilities have beeaa supplemented withp <br />and are to be further supplemented bynmunicipal parking lots (hereinafter called <br />aoff-street parking facilitiesi~}, both types of facilities being hereinafter <br />called collectively ~Parki.ng System Faeilitiesn3 and <br />