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BY: Messrs. Gaydos, Graber,
<br />OHt)II~NCE NO. 32-70 Kelley, Usher, Ward, Wendling
<br /> AN ~,]RGENCY' ORDINANCE,to provide for 'the issuance of a note of the
<br /> of the issuance of bonds to pay cos'ts
<br />Cit.v of La]~ewood, Ohio, in anticipation remodeling and improving the existing
<br />of ~odernizing the Lakewood Hospital by
<br />building and providing equipment and interior construction for an addition
<br />thereto. ~.EqEREAS, the Council of the City of Lakcwood has heretofore by proper
<br /> legislation determined to proceed with the improvement of the Lakewood Hospital
<br /> hereinafter designated by the remodeling and improving the existing building and
<br /> providing equipment and interior construction for an addition thereto; and
<br /> %~HERF2~S, 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
<br /> certified the maximum maturity of such bonds as twenty years and of such notes
<br /> as one year if sold privately; and
<br /> ~fHEREAS, pursuant to Ordinance No. 27-68, enacted by the Council of
<br /> the City of Lakewood on May 6, 1968, a note in the principal amount of $900,000
<br /> dated June 18, 1968, %~s issued for the put,pose hereinafter stated and said
<br /> note matured on June. 18, 1969; and
<br /> WKER~S, pursuant to Ordinance No. ~3-69, enacted by the Council of the
<br /> City of Lakewood on june 16, 1969, a note in the principal amount of $900,000
<br /> dated June 18, 1969, was issued for the purpose hereinafter stated and said note
<br /> will mature on or before June 18, 1970; and
<br /> · senti available for the retirement of a portion
<br /> ¥~{EREAS, the.re _~s pre Y tl.v outstanding note, $~5,000,
<br /> of the aggregate principal amount of the presen _
<br /> which will be applied to such retirement; and
<br /> WHEREAS, this Council by two-thirds vote of the members elected thereto
<br /> determines that this ordinance is an emergency measure ~ich is necessary for
<br /> . the immediate preservation of the.'public peace, property, health and safety and
<br /> for the further reason that moneys must be immediately available so that the
<br /> outstanding note of the City may be retired at its maturity and thereby preserve
<br /> the credit of the City;
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood,
<br /> Cuyahoga County, Ohio:
<br /> Section 1. That it is hereby declared necessary to issue bonds of
<br /> the City of Lakewood in the principal sum of $855,000 to pay costs of modernizing
<br /> the Lakewood Hospital by remodeling and improving the existing building and
<br /> providing equipment and interior construction for an addition thereto.
<br /> P ~
<br /> Section 2. That said bonds shall be dated ap roximately June l, 1971,
<br /> shall bear interest at the estimated rate of six and one-haIf per centum (6-1/~)
<br /> per annum, payable semi-annually, until the princioal sum is paid, and shall
<br /> mature in twenty substantially equal annu, al installments after their issuance.
<br /> Section 3. That it is necessary and this Council hereby determines
<br /> that a note in the principal amount of $855,000 shall be issued in anticipation
<br /> of the issuance of said bonds and to pay and retire the outstanding note dated
<br /> June 18, 1969. ~
<br /> Section 4. That such anticipatory note shall bear interest at the rat~
<br /> of five and one-quarter per centum (5-1/4~) per annum, payable at maturity; shall
<br /> be dated the 18th day of june,~1970, and shall mature on or before one year from
<br /> such date.
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