79-66 BAN - modernizing Lakewood Hospital

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ORDINANCE NO. 79-66 BY: Gaydoa, Huffman, Kelley, Usher, Ward and Weudling AN EMERGENCY ORDINANCE to provide for the iasu~nce of notea of the City of Lskewood~ Ohio, in anticipation of the issuance of bonds to. pay costs of modernizing the Lskewood Hospital by remodeling snd improving the existing building and constructing en addition thereto. WHEREAS, this Counci!hes heretofore requested the Director of Finsnce to issue his certificate as to the estimated llfe of the improve- ment and the maximum maturity of the bonds hereinafter referred to and of the note to be issued in anticipation of acid bonds, and the Director of Firmnce has certified to this Council such estimated life es exceeding five years and has further certified the maximum maturity of such bonds es twenty- Tlveyears and of such note as five yesrs~ or one year if sold privately; end WHEREAS~ this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency messure which is necessary for the immediate preservation of the public peace, property~ health and safety snd for the further reason that moneys must be immediately svailsbl~ so that the modernization snd expmnsion of the hospital proceed immediately and thereby mmke available facilities for the cmre end treat- ment of residents of the City; and NOW~ THEREFORE~ BE IT ORDAINED bythe Council of the City of L~kewood~ Cuyshog~ County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Imkewood in the principal sum of $2,~00,000 to pay costs of modernizing the Lskewood Hospital by remodeling and improving the existing building and constructing an addition thereto. Section 2. That said bonds shall be dated approximately November 1., 1967 , shell bear interest at the estimated rate of fdur per cent~ (4~) per annum, payable semi-annually, until the principal sum is paid, snd shall mature in twenty-five substantially equml annual installments after their issuance. Section ~. That it is necesssry and this Council hereby determines that notes in the aggregate principal amount of shell be issued in anticipation of the issuance of said bonds. Section 4. That said notes shell be executed end issued at such time or times as may be found by the Director of Finance of this City to be necesssry to meet the obligations incurred by this Council for the said improvement; such notes shell be executed in s series and in such number end denominstion as determined by the Director of Finance; shell bear interest et the rste of 3.20% .... , paysbleat maturity; shall be dated the date of ~hei~ ~$Spect~e issuance; shell mature on or before one yesr from the date of the first note issued hereunder; and shall be numbered consecutively commencing with No. 1. Section 5. That such notes shall be executed by the Mayor end Director of Finance and beer the seal of the corporation. They shall be payable at the office of the Director of Finance, City Hall, Lskewood~ Ohio, end shall express upon their face the purpose fDr which they are issued and that they ere issued purszmnt to this ordinance. Section 6. Subject to the rejection of ssid notes by the Director of Finance for investment in the Bond Retirement Fund, said notes shsll be and hereby are swarded snd sold to .~ion Commerce Bank · at the par value thereof and the ~ Director of Finsnce is hereby authorized and directed to deliver said notes~ when executed, to the purchaser upon psyment of such purchase price. The proceeds of such ssle shell~be paid into the proper fund and used for the purpose for which said notes'ere being issued under the provisions of this ordinance.