03-74 BAN - improve property for off-street parking

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OtlDI}~JINCE NO. 3-74 Messrs. Brockman, Chinno Graber, Magnotto, McBrid BY: Sinagra, Usher ? ........ ~,~!~ FR/~GEh~Y ORDII'~tJ'~CE to provide for tile 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 .impr0v.'.z.~g' real proPerty by .~ ..... clearing therefrom existing buildings thereon for the purpose of providing' a site for the construction of a structure for r,~anicipal off-street parking. ~_~REAS, pursusmt to Ordinance No. 76-72 passed on December 4, 1972 a note in the principal ~nount of $700,000 dated January 18, 1973 has hereto- fore been issued to pay the costs of said improvement and said note is about to mature; ~.SIF~RFAS, this Council has determined to retire said outstanding note at m~turity by the issuance of a new note in the principal ~moomt of $700, O00;~and I~tEREAS, this Council has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the improve- ment and ~he maximammaturity of the bonds hereLnafter 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 t~s 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; WEERFAS, thi~ 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 immediate issuance and sale.of the note herein authorized is necessary to enable the City to preserve its credit by renewing the outstanding note at maturity. NOW, TH_ERF~ORE, BE'IT ORDAINED by the Council of the City of Ix~kew'ood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principalamount 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 ~f providing a site for~the constr~ction of a structure for municipal off-street parking. Section 2. That said bonds shall be dated approximately January l, 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-nine substantially equal annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds for the abo~e described improvement and to retire the outst~nding note, it is hereby declared necessary to issue a note in the principal~amount of $700,000. Section 4. That such anticipatory note in the amount aforesaid shall bear interest at the rate of four and seven-tenths (4.7~) to maturity and six percent (6%) per annum thereafter. Such note shall be dated January 18, 1974 and shall mature on or before one year from date. Section 5. That such note' shall 'be executed by the ~yor 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 express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance.