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ORDINANCE NO. 10-70
<br />
<br />BY: Councilman Huffman, Kelley, Usher
<br /> Ward, Wendling, Graber
<br />
<br /> AN EMERGEI~y ORDII~NCE to provide for the issuance of notes of the
<br />City of Lakewood, Ohio, in anticipation of the issuance of bonds to pay the
<br />costs of acquiring and improving real property by clearing therefrom existing
<br />buildings thereon and constructing and equipping a structure for municipal off-
<br />street parking. '
<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 notes to be
<br />issued in anticipation of said bonds, and the Director of Finance has certified
<br />to this Council such estimated life as exceeding five years and has further certi-
<br />fied the maximum maturity of such bonds as twenty-four years and of such notes as
<br />one year if sold privately; and
<br />
<br /> WHEREAS, in anticipation of the bonds hereinafter referred to, there
<br />was issued, pursuant to Ordinance No. 5-66, enacted by this Council on January
<br />17, 1966, a note dated March l, 1966, in the principal amount of $1,425,000,
<br />which note matured on ~rch l, 1967; and
<br />
<br /> %~IEREAS, when said note matured on March 1, 1967, there was available
<br />for and applied to the retirement of said note, $205,000, and new notes were
<br />issued, pursuant toOrdinance No. 10'67, enacted by this Council on February 20,
<br />1967, dated March l, 1967, in'the aggregate principal amount of $1,220,O00, which
<br />notes matured on ~rch l, 1968; and
<br />
<br /> WHEREAS, when said notes matured on March 1, 1968, there was available
<br />for and applied to the retirement of said notes, $80,000, and new notes were
<br />issued, pursuant to Ordinance No. 4-68, enacted by this Council on February 19,
<br />1968, in the aggregate principal amount of $1,140,000, which notes matured
<br />February 28, 1969; and
<br />
<br /> WHERFAS, when said notes matured on February 28, 1969, there was
<br />available for and applied to the retirement of said notes, $115,000, and a new
<br />note was issued, pursuant to Ordinance No. 14-69, enacted by this Council on
<br />February l?, 1969, in the principal amount of $1,O25,000, which note is about to
<br />mature; and
<br />
<br /> WHEREAS, there is presently available for the retirement of a portion
<br />of the aggregate principal amount of the presently outstanding~note, $125,OOO,
<br />which will be applied to such retirement; and
<br />
<br /> WHEREAS, this Council by two-thirds 'vote of the members elected thereto
<br />determines that this ordinance is an emergency measure which is necessary for the
<br />immediate preservation of the public peace, property, health and safety and for
<br />the further reason that moneys must be immediately available so that the outstand-
<br />ing note of the City may be retired at its maturity and thereby preserve the credit
<br />of 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 the
<br />City of Lakewood in the principal sum of $900,000 for the purpose of paying the
<br />costs of acquiring and improving real prOperty by clearing therefrom existing
<br />buildings thereon and constructing and equipping a structure for municipal off-
<br />street parking.
<br />
<br /> Section 2. That said bonds shall be dated approximately February 1,
<br />1971, shall bear interest at the estimated rate of six and three-quarters per
<br />centum (6-3/4%) per annum, payable semi-annually, until the principal sum is paid,
<br />and shall mature in twenty-four substantially equal annual installments after their
<br />issua~ce.
<br />
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