72-53 Automobile Parking System Revenue Bonds

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Ordinance N0~9 THEREFORE9 BE IT ORDAINED by the Couxicil of the City of I,akewood9 Ohio; Section 1. That Council hereby finds and determines it to be immediately necessary' in order to relieve traffic and parking congestion on the public highways of the City9 to effect traffic control,, axid to preserve the public health and safety9 to provide additional off-street parking facilities for motor vehicle narking by eon- struction of the Project; and that for such propose it is necessary to issue and sell in installments as the Lots hereinbefore described are acquired Improvement fonds in an aggregate principal amount now estimated not to exceed X5009000; that in order to finaxiee immediately the acquisition and. improvement of hot 1 above described and to provide funds for reimbursement of the X359000 advance hereinbefore recited, there shali be immediately issued and sold Improvement Bonds in the principal amount of $1759000 to be clistinguished by the designation 'Series A"< Section 2. The Series A improvement Bonds shall be dated December 19 19539 shall be of the denomination of $190p0 each; shall be numbered from A-1 to A-175 and. shall bear interest at 3-3/1~$ per annum payable semi annually on June 1 and December 1 of each year beginning June 19 1954 and until the principal sum is paid= Said Series A Improvement Bonds shall mature on December 1 in their censecutive numerical' order as follows X159000 per years from 195l~ to 19589 inclusive9 X109000 per year9 fY~om 1959 to 19689 inclusive. Said Series A Improvement Bonds are hereby awarded and sold to Ftitt. J: Hdericka & Co.9 Inc. and Nelson Browning & Co. (herein sometimes called the t90riginal Purchasersn) in accordance with the terms of the bond purchase proposal. Sectiott 3. 9~ith respect to all series of Improvement Bonds9 principal a~sd interest thereon shall he payable at the principal office of the Indenture trustee. Improvement Bonds maturing after December 19 1960 shall be callable in whole or in part on any interest payment date on and after December 19 1960 at a redemption price of 101t~ of par9 and accrued interest to the date fixed for redemption< If less than the entire unmatured portion of said bonds is called for redemption at any time or from time to time, they shall be called in the inverse order of maturity of those outstanding9 and if less than all outstanding bonds of one maturity are to,be called9 the selection of bonds of such maturity to be called shall be made by lot conducted by the Indenture trustee. Prior to delivery of each subsequent installment er series of the Improve- ment Bonds, the City will first furnish to the Indenture trustee a certified copy of the ordinance of Council authorizing such bonds9 together with a statement signed by the Director of Finance setting forth his estimate of the prospective annual revenues of the Parking System Facilities based upon meter rates in effect on the lots of such statement and his estimate of the annual expenses of operation and maintenance of the System as defined in Section 7 hereof9 in both cases after completion of the portion of the Project to be financed by such series of Improve- ment Bonds and ±herein disclosing that such revenues after such expenses vn.ll be at least equal to 130 of the average annual amount which will be required to Ene paid into the Parking 9©ebt Service ~ltnd pursuant to Section Seven hereof tp meet interest and principal maturities of all Bonds to be out-