76-72 BAN - clearing property for parking garage

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ORDINANCE NO. 7 6 - 7 2 Messrs. Graber, Magnottc McBride, Usher, WendlinE Werner, Brockman AN F~ERG~;CY ORDINANCE to provide for the issuance of a note'of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of paying the costs of acquiring and improving real property by clearing therefrom existing buildings thereon for the purpose of providing a site for the construction of a structure for municiPal off-street parking. WHEREAS, this Council has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the improve- ment and the maximum maturity of the bonds hereinafter referred to and of the notesto be issued in anticipation of said bonds, and the Director of Finance has certified to this Council such estimated life as exceedingifive years and has further certified the maximum maturity of such bonds as twenty-nine years and of Such note as five years, or one year if sold pri- vately; and WliEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is .an emergency measure which is necessary for the immediate preservation of the public peace, property, health and safety and for the further reason that the moneys must be imme- diately available so that the necessary real estate can be acquired and cleared to provide a site for the construction of a structure for municipal off-street parking so as to eliminate existing hazards created by the on- street parking and traffic, congestion in the downtown Lakewood area. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $700,000 for the purpose of paying the costs of acquiring and improving real property by clearing therefrom existing buildings thereon for the purpose of providing a site for the construction of a structure for municipal off-street parking. Section 2. That said bonds shall be dated approximately December 1, 1973, shall bear interest at the estimated rate of six per centum (6%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty-nine substantially equal annual installments after their issuance. Section 3. That it is 'necessary and this Council hereby determines that a note in the principal amount of $700,000 shall be issued in anticipation of the issuance of said .bonds. Section ~. That such anticipato~ note in the amount aforesaid shall bear interest at the rate of two and eighty-three one-hundredths (2.8B%) per annum, such interest to be payable at maturity. Such note shall be dated the date of issuance and shall mature on or before one year from date. Section 5. That such note shall 'be executed by the MayOr and Director of Finance and bear the seal of the corporation. It shall be pay- able at the office of the Director of Finance. of the City of Lakewood, City Hall, Lakewood, Ohio, and shall ex~ress upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 6. Said note shall be first offered to the Director of Finance as officer in charge of the Bond Retirement Fund, and if not taken by said fund shall be and hereby is awarded and sold to Central National Bank of Cleveland, Cleveland, Ohio, at par and accrued interest, and the proceeds from such notes, except any premium and accrued interest thereon, shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose, and for which purpose said money is hereby approDriated. Any premium and accrued