|
~f~. l~essrs. Gaydos, Graber, ttu££man,
<br /> 1/~-69 KelleY, usher, 14ard, Wendlingof the
<br />oBDIITAI~E 1~0. O1RDII~I~OE to ]proVide for the issuance of notes
<br /> AI~ EI6EBGE~Y anticipation of the issuance of bonds to pay the
<br /> city of Lakewood, OhiO, in property by clearing therefrom existing
<br /> costs of acquiring and improving real equipping a structure for municipal
<br /> buildings thereon and constructing and
<br /> DirectOr of
<br /> off.street ~arking. ~ heretofore requested the the improvement
<br /> this CounCil has to the estimated life of of the notes
<br /> %5{EREAS, said bondS, and the Director of Finance has
<br /> Finance to issue his certificate as
<br /> bonds hereinafter referred to and
<br /> andto be the issued maximum in maturity anticipation of the of estimated life as exceeding five years and has
<br /> certified to this council such bonds as t~enty-four years
<br /> further certified the maximum maturity of such
<br /> and of such notes as one year if sold privately'; and
<br /> NHERFAS, in antiCipation of the bonds hereinafter referred to,
<br /> ed ursuant to 0rdiuauce No. 5-66, enacted by this Council
<br /> +here was issu ,~tP~~ - -~te dated March l, 1966, in the principal amount of
<br /> ~n January 17, l~oo, a ~ March l, 1967; and
<br /> $1~k25,000, which note matured on ·
<br /> WHEREAS, when said note matured on March l, 1967, there
<br /> available for and applied to the retirement of said note, $205,000, and new
<br /> notes were issued, pursuant to Ordinance No 10-67, enacted by this Council
<br /> on February 20, 1967, dated March 1, 1967, in the aggregate principal
<br /> amount of $l,22G,000, which notes maturedon March l, 1968; and
<br /> WHEREAS, when said notes matured on March l, 1968, there was
<br /> available for and applied to the retirement of said notes, $80,000, and new
<br /> notes were issued, pursuant to Ordinance No. ~-68, enacted by this Council
<br /> on February 19, 1968, in the aggregate principal amount of
<br /> which notes are about to mature; and
<br /> WHEREAS, there is presently a.vailable for the retirement of a
<br /> portion of the aggregate principal amount of the presently outstanding
<br /> notes, $115,000, ~hich will be applied to such retirement; and
<br />
<br /> WHERFAS, this Council by two-thirds vote o~ the members elected
<br /> thereto determines that this ordinance is an. emergency measure which is
<br /> necessary for the immediate preservation of the publlc peace, property,
<br /> health and safety and for the further reason that mo~eys must be immediatel~
<br /> a~ailable so that the outstanding notes of the City my~be retired at their
<br /> maturity and thereby preserve the credit of the City:
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council ~f the City of
<br />Lakewood, Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necess~ to issue bonds of
<br />the City of Lakewood in the principal sum of $1,025,00Oor the purpose of
<br />paying the costs of acquiring and improving real proper by clearing there-
<br />from existing buildings thereon and constructing and e~ping a structure
<br />for municipal off-street parking. '
<br />
<br /> Section 2. That said bonds shall be dated apximately February
<br />l, 1970, shall bear interest at the estimated rate of ~ and three quarters
<br />per cent'nm (4-3/4~) per annum, payable semi-annually, ~l the principal
<br />sum is paid, and shall mature in twenty-four substantis equal annual
<br />installments after their issuance.
<br />
<br /> Section 3. That it is necessary and this CoQ hereby determines
<br />that notes in the aggregate amount of $1,025,000 shall[ssued in anti-
<br />cipation of the issuance of said bonds and to pay and ~e the outstanding
<br />note dated March l, 1968.
<br />
<br />
<br />
|