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ORDINANCE NO. ~ BY:
<br />
<br /> AN EMERGENCY ORDINANCE proposing a modification and amendment of
<br />the Trust Indenture dated December l, 1953 given to secure issues of
<br />~175,O00 of Automobile Parking System Revenue Bonds, Series A, $240,000
<br />Automobile P~rking System Revenue Bonds, Series B, and ~250,000 Automobile
<br />Parking System Revenue Bonds, Series C, of the City of Lakewood, Ohio,
<br />amending for such purpose Ordinance No. 72-53 passed November 2, 1953 relat-
<br />ing to the authorization and security of such bonds, providing for the
<br />execution of a Supplemental Trust Indenture in connection therewith, and
<br />declaring an emergency.
<br />
<br /> WHEREAS, this Council by two-thirds vote of the members elected
<br />thereto determines that this ordinance is an emergency measure which is nec-
<br />essary for the immediate preservation of the public peace, property, health
<br />and safety and for the further reason that the modification herein provided
<br />must be immediately effective so that urgently needed additional off-street
<br />parking facilities may be constructed and eliminate existing hazards to
<br />pedestrian and vehicular traffic resulting from lack of such facilities; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 72-53 passed November 2, 1953,
<br />this Council caused to be issued~75,000 of Automobile Parking System Revenue
<br />Bonds, Series A, of the City for the purpose of acquiring, developing, improv-
<br />ing, and equipping sites for off-street parking facilities for motor vehicles~
<br />such bonds being dated December l, 1953 and being secured by a Trust Indenture
<br />of ~ike date given to The Cleveland Trust Company, Cleveland, Ohio, as
<br />Trustee; and
<br />
<br /> WHEREAS, thereafter the Council caused to be issued on a parity with
<br />said Series A Bonds, two additional series of bonds, $240,000 Automobile Park-
<br />ing System Revenue Bonds, Series B~ dated September l, 1956 and $950~0OO
<br />Automobile Parking System Revenue Bonds, Series C, dated November l, 1958
<br />and entered into a Supplemental Indenture and a Second Supplemental Indenture~
<br />respectively, in connection therewith; and
<br />
<br /> WHEREAS, this Council has determined that the proper conduct and
<br />management of the operations of the City's parking system as defined in Ordin-
<br />ance No. 72-53 so as to meet existing and anticipated demands for its services
<br />would be facilitated by the modification and amendment of such Trust Indenture
<br />herein proposed, including the required and related amendment of Ordinance No.
<br />72-53 herein set forth, the same being expressly subject to obtaining the
<br />written consent of the holders of all of said bonds presently outstanding; and
<br />
<br /> WHEREAS, the City also has available sufficient moneys tocall for
<br />redemption and retire on December l, 1965 the outstanding bonds of'the Series
<br />A and Series B issues and desires to effect such call in connection with such
<br />modification;
<br />
<br /> NOW, T~N~qEFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br />County, Ohio:
<br />
<br /> Section 1. That, with the written consent of the holders of all of
<br />the outstanding Automobile Parking System Revenue Bonds, Series C, of the City
<br />hereinbefore referred to, this City proposes to modify and amend, effective
<br />December 2, lg65, in the manner set forth in Section 3 hereof~the aforesaid
<br />Trust Indenture between the City and The Cleveland Trust Compar~y, Trustee,
<br />such modification and amendment~ together with the amendment of Ordinance No.
<br />72-53 made in Section 2 hereof, to be embodied in the supplemental indenture
<br />authorized and directed to be executed pursuant to the provisions of Section
<br />4 of this ordinance~
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