84-68 BAN - to modernize Lakewood Hospital

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ORDINANCE NO84-68 BY: Messrs. Kelley, Usher, Ward, Wendling, Gaydos, Graber, Huffman AN EMERGENCY ORDINANCE to provide for the issuance of a note of the City of Lakewood, Ohio~ in anticipation of the issuance of bonds to pmy costs of modernizing the Lakewood Hospital by remodeling and improving the existing building and constructing an addition thereto. kq{EREAS, pursuant to Ordinance No. 66-67~ passed November 20~ 1967, notes in the aggregate principal amount of $2~200~000 were issued to mature on or before one year from the date of the note first issued thereunder, namely~November 29, !967~ which notes are about to mature~ and WHEREAS, this Council has :;ere'to:Fora requas'ted 'the D%:ector of Finance to issue his certificate as t¢, the estimated life of the improve- ment 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 certified the maximum maturity of such bonds as twenty- five years and of such note as five years from the date of the note first issued, namely, November 29, 1966, or one year if sold privately; and WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health and safety and for the further reason that the immediate issuance and sale of the note herein authorized is necessary to enable the City to preserve its credit by retiring outstanding notes of the City which are about to mature; NOW, THEREFORE~ BE IT ORDAINED by the Council of the City of lakewood~ Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal sum of $2~200,000 to pay costs of modernizing the Lakewood Hospital by remodeling and improving the existing building and constructing an addition thereto. Section 2. That said bonds shall be dated approximately November l, 1969, 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 twenty-five substantially equal annual install- ments after their issuance. Section 3. That it is necessary and this Council hereby determines that a note in the principal amount of $2~00~000 shall be issued in anti- cipation of the issuance of said bonds and to retire said existing note which will mature November 29, 1968. Section 4. That such anticipatory note shall bear interest at the rate of ..~hree ~.nd fo~th,fi~e hundre~hs . per centum ( 3.45~) per annum, payable at maturity; shall be dated November 29, 1968; and shall mature on or before one year from date. Section 5. That such note shall be executed by the Mayor and Directorof Finance and bear the seal of the corporation; shall be payable at the office of the Director of Finance, City Hall, ~akewood, 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. Subject to the rejection of said note by the 'Director of Finance for investment in the Bond Retirement Fund~ said note shall be and hereby is awarded and sold to Union Commerce Bauk , at the par value thereof and the Director of