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ORDINANCE <br /> <br /> AN EMERGENCY ORDINANCE to provide for the issumace of a note of the <br />City of Lakewood, Ohio~ in anticipation of the issuance of bonds for the <br />purpose of paying the costs of improving Lakewood Hospital, including improve- <br />ments to the hot water heating system and remodeling of the housing therefor. <br /> <br /> WHEREAS~ this Council has heretofore requested the Director of Finance <br />to issue his certificate as to the estimated life of the improvement and the <br />maximum maturity of the bonds hereinafter referred to and of the note to <br />be issued in anticipation of said bonds, and the Director of Finance has <br />certified to this Council such estimated life as exceeding five years and <br />has further certified the maximum maturity of such bonds as ten years and of <br />such note as July 27~ 1969, or one year if sold privately; and <br /> <br /> WHEREAS, there is now available from surplus revenues of the hospital <br />$12,000 which is to be appliedto the retirement of the outstanding $39,000 <br />note dated July 27, 1965; and <br /> <br /> WHEREAS, this Council hy two-thirds vote of the members elected there- <br />to determines that this ordinance is an emergency measure which is necessary <br />for the immediate issuance and sale of the note herein authorized to enable <br />the City to retire its outstanding note and thereby preserve the credit of <br />the City; <br /> <br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood, <br />Cuyahoga County, Ohio: <br /> <br /> Section 1. That it is hereby declared necessary to issue bonds of <br />the City of Lakewood in the principal sum of $27,000 for the purpose of paying <br />the costs of improving Lakewood Hospital~ including improvements to the hot <br />water heating system and remodeling of the housing therefor. <br /> <br /> Section 2. That said bonds shall be dated approximately June 17 1967, <br />shall bear interest at the estimated rate of four per centum (4%) per annum, <br />payable semi-annually, until the principal sum is paid, and shall mature in five <br />substantially equal annual installments after their issuance. <br /> <br /> Section 3- That it is necessary and this Council hereby determines the <br />a note in the principal amount of $2?,000 shall be issued in anticipation of <br />the issuance of said bonds, and to the extent necessary to pay and retire the <br />outstanding note dated July 27, 1965. <br /> <br /> Section 4. That such anticipatory note in the amount aforesaid shall <br />bear interest at the rate of three per centum (3~) per annum, <br />such interest to be payable at maturity. Such note shall be dated July 27, 1966 <br />and shall mature on or before one year from said date. <br /> <br /> Section 5- That such note shall be executed by the Mayor and Director <br />of Finance and bear the seal of the corporation. It shall be payable at the <br />office of the Director of Finance~ City Hall, Lakewood, Ohio, and shall express <br />upon its face the purpose for which it is issued and that it is issued pursuant <br />to this ordinance. <br /> <br /> Section 6. Said note shall be first offered to the Director of <br />Finance as officer in charge of the Bond Retirement Fund, and if not taken by <br />said fund shall be and hereby is awarded and sold to ~he Union Commerce <br />Bank~ Cleveland, Ohio, at par and accrued interest, and the proceeds <br />from such note, except any premium and accrued interest thereon, shall be paid <br />into the proper fund and used for the purpose aforesaid and for no other purpose, <br /> <br /> <br />