72-53 Automobile Parking System Revenue Bonds

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Ordinanoe ® All of subl:ots 152, 1539 15Lt, 2l~7, 2116, and 2115 in tke Lakewood Realty Company"s "Lakewood E'ark" subdivision as shown by plat .recorded in Volume 27, page 26, Cuyahoga County Record of Maps. The lot formed by beginning at a point at the north east corner of 33etroit Avenue and Warren Road, and extending in a northerly direction from that point in the easterly line of Warren Road 156.16 feet to a point at the southwest corner of sublot 152 in the Lakewood Realty Companyrs 1/Lakewood Park" Subdivision as shown in Vol, 27 page 26 of Cuyahoga County Record of Maps, the principal place of beginning, thence in an easterly direction from said point along the southerly line of sublot 152. aforesaid, 52 feet,- thence 65 feet in a southerly direction parallel to the easterly line of Warren Road, thence 52 feet i:n 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 Cook Avenue azd Gladys Avenue, to contain an estimated 811 metered parking spaces and described as follows: Sublots 599 6O, and 61 of the Charles Cook Subdivision in Volume 25, page 2, Cuyahoga County Record of Maps. Proposed Sublots 6, 5, the northerly Lt0 feet of sublot !~, all of sublot 3, plus. the southerly 10 feet of sublot Lt in the Wigmore-Stuart Subdivision, Vol. 33, page 5, Cuyahoga County Record of Maps. Wf1EREAS, it is desired to finance the Project, including reimbursement of the aforesaid advance of X35,000, and including all expenses, legal, engineering and financial, incidental thereto, by the issuance and sale of negotiable revenue bonds under the. powers .granted by Section 39 Article XVIII, of the Constitution of Ohio, which bonds (hereinafter called 'Plmprovement Bonds") together with any additional bonds subsequently issued pursuant to the provisions hereof on a parity therewith (hereinafter called "Additional Bonds", the Improve- msnt 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 revenues derived from the Parking System Facilities (hereinafter called the j1Pledged Revenues"}, which pledge is to be evidenced vY an indenture of pledge hereinafter provided for (hereinafter referred to as the "Indenture"); WHEREAS, this ordinance constitutes and is declared to be an emergency for the 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 required for, aril to construct thereon, off-street parking facilities, it -is necessary to issue revenue bonds to provide funds therefor; and in that it provides for the public health anti welfare and the usual daily operation of a municipal departmentg