44-67 BAN - replace / rehab equip for rec facilities

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ORDINANCE NO. 44-67 BY': Messrs. Huffman, Kelley, U~he~, Ward, Wendling, Cain, Gaydos AN EMERGENCY ORDINANCE to provide for the issuance of a note of the City of Lakewood~ 0hio~ in anticipation of the issuance of bonds to pay the costs of replacing and rehabilitating equipment for recreational facilities. WHEREAS, this Council has heretofore requested fhe Director of Finance to issue his certificate as to the estimated life of the improvement and the maximum maturity of the bonds hereinafter referred 'to and of the note to be issued in anticipation of said bonds, and the Director of Finance has certified to this Council such estimated life as exceeding five years and has further cer~zfied the maximum maturity of such bonds as ten years and of such note as Septe~0er 1~ 1969~ or one year if sold privately; and WHERF~S~ there is now available from revenues $10~000 which is to be applied to the retirement of the outstanding $30,000 note dated July 19663 and WNEREAS~ this Council by two-thirds vote of 'the me~bers elected thereto determines that this ordinance is an emergency measure which is necessary for the imnediate issuance and sale of the note herein authorized to enable the City to pay and retire the outstanding note which will mature on July 27~ 1967~ NOW~ THEREFORE~ BE IT ORDAINED 'by the Council of the City of Lakewoo&, Cuyahoga County~ Ohio: Soction 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal sum of $20~000 for the purpose of paying the costs of replacing and rehabilitating equipment for recreational facilities. Section 2. That said bonds shall be dated approximately September 1968~ shall bear interest at the estimated rate of four per centum (4~) per annum~ payable semi-annually~ until 'the principal sum is paid~ and shall mature in ten subs%antially equal annual installments after their issuance. Section 3. That ~t is necessary and this Council hereby determines that a note in the princmpal amount of ~20,000 shall be issued in anticipation of-the issuance of said bo~ds~ and to the extent necessary to pay and retire the outstanding note of the City dated ~ly ~7~ 1966. Section 4. That such anticipatory note in the amount aforesaid shall bear interest at the rate of two and three-quarters per centum (2-3/4~) per annum~ such interest to be payahle at maturity. Such note shall be dated July 27~ 1967 and shall mature on or before one year from said date. Section 5. That such note shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. It shall be payabla at the office of the Director of Finance~ City Hall~ Lakewood~ Ohio~ and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 6. Said note shall be first offered to the Director of Finance as officer in charge of the Bond Retirement Fund~ and if not taken by said fund shall be sold %o The National City Bank of Cleveland~ Cleveland, 0hio~ at par and accrued interest~ and the proceeds from such note~ except any premium and accrued interest thereon~ shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose~ and. for which purpose said money is hereby appropriated. Any premium and accrued interest shall be transferred to the Bond Retirement Fund to be applied in the payment of principal and interest of said note in 'the manner provided by law.