89-58 Automobile Parking System Revenue Bonds

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Bonds constituting Additional Bonds issued under the Indenture and Bond Ordinance, which New Bonds, together with the $175,000 outstanding Improve- merit Bonds, the $240,000 outstanding Additional Bonds designated Automobile Parking System Revenue Bonds, Series C, and ar~ Additional Bonds, or ar~ of the remaining $325,000 of Improvement Bonds, hereafter issued, are secured equally by the Indenture but are payable only from and secured by pledge of, the revenues derived from the parking system facilities (hereinafter called the "Pledged Revenues") after provision for operating and maintenance expenses, which said pledge of revenues is confirmed by the Second Supplemental Inden- ture herein provided for (said Indenture, together with the First Supplemental Indeneure providing for the Series C Bonds and said Second Supplemental In- denture being sometimes collectively referred to as the "Indenture"); WHEREAS, this Ordinance constitutes and is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, property, health and safety for the reason that immediate construc- tion of the extensions and improvements to be provided for from the proceeds of the New Bonds is essential to provide adequate parking facilities to and relieve traffic congestion in said City; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lak~,ood, in the County of Ouyahoga, Ohio: Section 1. Authorization of New Bonds. That Council hereby finds and determines that it is necessary, in order to relieve traffic and parking congestion on the public highways of the City, to effect traffic control, and to preserve the public health and safety, to provide additional off- street parking facilities for motor vehicle parking by construction of the Project; that such facilities will serve a public municipal purpose; and that, in order to finance the Project, there shall be issued and sold New Bonds in the principal amount of $250,000° Section 2. Terms of New Bonds. The New Bonds shall be dated November l, 1958, shall be of the denomination of $1,000 each, shall be numbered from C-1 to 0-250 in the order of their maturity and shall bear interest payable semi-annually on May I and November i of each year beginning ~y l, 1959 until the principal sum is paid. The New Bonds shall bear interest at such rate or rates as may be specified by certificate of the Director of Finance of the City provided for in Section 3 of this Ordinance and shall mature in the following amounts on November i of each of the following years: $ 5,000 in each of the years 1960 to 1964 10,000 in each of the years 1965 to 1968 20,000 in each of the years 1969 to 1971 25,000 in each of the years 1972 to 1976 inclusive inclusive inclusive inclusive. New Bonds maturing after November 1, 1967 shall be callable in whole or in part on November 1, 1968 or on any interest payment date thereafter at a redemption price of 104% of phr if redeemed on or before November 1, 1972 and at 102% of par if redeemed thereafter, plus 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 outstanding, and if less than all outstanding bonds of ons~.maturtty are to be called, t~e selection of bonds of such maturity to be called shall be made by lot conducted by the 2d