57-73 BAN - Construct parking structure

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ORDINANCE NO. 57-73 Messrs. McBride, Sinagr~ Usher, Werner, Graber, Magnotto AN ~CCHGENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of paying the costs of constructing and equipping a structure for municipal off-street parking of motor vehicles. 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 .notes to be issued in anticipation of said bonds, and the Director of Finance has certified to this Council such estimated life as exceeding five years and has further certified the maximum maturity of such notes as five years, or one year if sold privately;' 'and WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is ~n emergency measure which is nece,ssary for the immediate preservation of the public peace, property, health and safety and for the further reason that the moneys must be im- mediately available so that construction of a structure for municipal off- street parking of motor vehicles can commence 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 ~.akewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $4,350,000 for the pur- pose of paying the costs of constructing and equipping a structure for municipal off-street.parking of motor vehicles. Section 2. That said bonds shall be dated apProximately July 1, 1974, 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-four substantially equal annual installments after their issuance. Section 3. That said notes shall be executed and issued at such time or times as may be found by the Director of Finance of this City to be necessary to meet the obligations incurred by this Council for the im- provements referred to in Section 1 hereof; such notes shall be executed in a series and in such number and denomination as determined by the Direc- tor of Finance; shall bear interest at a rate not to exceed six per centum (6%) per annum, payable at maturity, and at a rate not to exceed eight per centum (8%) per annum after maturity, shall be dated the ~date of their respective issuance and shall mature on or before one year from the date of the first note issued hereunder; and shall be numbered or not nUmbered as determined by the Director of Finance. Section 4. That such notes Shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be paYable at the office of the Director of Finance, City Hall, Lakewood, Ohio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 5. Subject to the rejection of said note by the Direc- tor of Finance for investment in the Bond Retirement Fund, said notes shall be sold at the par value thereof by the Director of Finance at an interest rate not exceeding that specified in this ordinance and in accordance with the best interests and welfare of the City; and the Director of Finance is hereby authorized and directed to deliver said notes, when executed, to the