71-72 Redemption of Parking system revenue bonds Series C

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1]sher, ~4erner, Brockma ~ OP. DIItKNCE c~llinK for the rede~ti°n of the out- . ~ ~GFIICY Automobile p~rking. ~ystcm RevenUe ~ondS, s%~tnZ %nl~mce of this CitY's - C. members electe~ 5erie~ -'-~s vote of the _- measure which .. health aha ~ --Il the outS~a,, ~ the present mon of the City to u= Series C, because of 'eve, cannot acht ~ .~refore sound System Revenue Bonds, debt serViCe reserve ' such Bonds, an~ ~"~ ~%~r~ate ~erein the in~ereSt cost on abte, thera being ap off yield in excess _ _emines tha~ a ~ ntis on hand .n ~eZa other requlremeu~ - parking facilities .u _~.e~iction~ .... ' ~o pedestrian and remove ~= .... needed additiona~ off-street order tha~ urgently tn made available and thereby eliminate existing hazards such facilities} and be ~0, vehicular traffic resulting from lack of ~, the~horized the_tS~u~C o~ October 6, 1958,_au. o,v,nue Don~S, o=r~= ' ' Automobile Parking ~ys~em n .... ~25,000 on November ! tn each of the r~m outst~ding ~125,000 matting ye~s from 1972 to 1976, inclusive; and h bonds were a~Y issued and 4elfvered to %heft ~'~5, sec_ --~--+,,~e entered into ~th The Cleve!~d ~d sec~ed by ~ ~u= .... contained Dro~StOnS m~ing p~c~aser p~king T~t Colony as Trustee, which Indent~e ceCUm requirements ~th respect to the City ~d its off-street lots; ~a ~~S, i is now desirable that the City be removed from its net loss position an~ from the restrictions imposed by such Indenture including the elimination of the reserve requiremants imposed thereby: NOW, THERETORE, BE IT OPDAI!TED by the Council of the City of Lakewood, county of Cuyahoga and State of Ohio: Section 1. That all of the bonds remaining outstanding after November l, 197~, being numbered C-151 to C,250, inclusive, of this City's Automobile' Parking System Revenue Bonds, Series C, dated as of November l, 1958, be and the sa~e are hereby called for redemption on May l, 1973 at of two ~er Cent of pst. in order par and accrued interest ~lus a ~remi~m ~.~t Co.~roany as Truste, to perfect such call for ~edempt~on, The Cleveland ~--- - under the Indenture, is hereby authorized and directed to oublish or cause to be published notice of such .c~ll for redemption as orov~ded in 0rdin~-uc No. 89-58 and in the Indenture e_nd the officials of th{s City and such Trustee are hereby authorized and directed to t~:e such fLurther steps as may be required by the Indenture and any indenture suppler, ental there- to ~nd the aforesaid ordinance in order to complete and effectuate the redemption of the bonds herein called including the payment of the princi- pal thereof and the interest thereon. Section ~. That the Director of Finance be and he is hereby authorized to forthwith deliver to said Trustee such ,_mount of moneys as required by such Trustee to call such bonds for redemption and to nov de- lease the lien of the aforesaid revenues, and there is hereby appropriate from the Parking Meter Fund the amount of ~,5h,000 for such purpose.