58-71 Bonds to pay for modernizing Lakewood Hospital

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ORDINANCE: 58-71 BY: Messrs. Wendling, Gaydos: Graber, Huffman, KelleY, Usher AN ~4ERGENCY ORDINANCE to provide for the issuance of bonds of the City of LG~ewood, Ohio, to pay costs of modernizing the Lakewood Hospital by remodeling and improving the existing building and constructing an addi- tion thereto. WHEREAS, this Council by two-thirds vote of the members elected thereto dete~nines that this ordinance is an, emergency measure which is necessary for tL~ immediate preservation of the public peace, property, health and safety and for the further reason that the immediate authorization of the bonds herein authorized is necessary to enable the City to provide a principal maturity for the bonds herein authorized in the year 1972 and there- by avoid additional interest costs by failure to retire principal; and YYHEREAS, the City has heretofore issued $2,115,000 of its notes for the pur?.,se of paying the costs of modernizing Lakewood Hospital by remodel- ing and improving the existing building and constructing sa addition thereto, which will mature on November 26, 1971, and it is now necessary to find such notes at their maturity; and WHEREAS, there is now available a sum of at least $85,000 surplus and such $85,000 is therefore to be applied to the retirement of the princi- pal of such notes; and WHEREAS, the Director of Finance, as Fiscal Officer, has certified that the maximum maturity of the bonds proposed to be issued and the estimated life of the improvements described hereinafter is not less than twenty-five years; NOW, THERF2~ORE, BE IT ORDAINED by the Council of the City of Lakewood,' in the County of Cuyahoga and State of Ohio: Section 1. That it is deemed necessary to issue bonds of said City for the purpose of paying costs of moden]izing Lakewood Hospital by remodeling and improving the existing building and constructing an addition thereto. Section 2. Said bonds in the principal sum of $2,030,000 shall be issued in the denomination of $5,000 each; shall be numbered from I to 406, both inclusive, and shall be dated November l, 1971. Said bonds shall bear internist at the rate of six per centum (6~) per annum, payable semiannually on the first day of June and the first day of December of each year, commencing June 1, 1972, until the principal sum is paid; provided, however, that if sali bonds are sold bearing a different rate of interest than hereinabc~.~ specified, then the same bonds shaJ~ bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Said bonds shall mature as follows: $90,000 on December 1 in each of the years from 1972 to 1986,[both inclusive, and $85,000 on Decen~er 1 in each of the years from 1987 to 1994, Said maturities are hereby determined to. be in substantially equal annual 'installments.