46-74 BAN - Constructing 5th fl of garage

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ORDINANCE NO. 46-74 BY: Messrs. Brockman, Chin~oc Graber, Magnotto, McBride Sinagra, Usher AN EMERGENCY ORDINANCE to provide for the iss.ance of notes of the City of Lakcwood, Ohio, in anticipation of the issuance of bonds for the purpose of paying costs of constructing a fifth floor on the City's existing off-street parking garage and an enclosed pedestrian bridge connecting such garage and the City's hospital. WI{EREAS, the Director of Finance has certified the estimated life of the improvement hereinafter mentioned is at least five years and has further certified the maximum maturity of the hereinafter mentioned bonds is twenty-five years and that the maximum maturity of notes issued in anticipation of said bonds is five years, or one year from the date of issuance if sold privately; and WHEREAS, 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 prompt issuance and sale of the notes herein authorized is necessary to 'provide urgently needed municipal facilities to eliminate existing hazards to pedestrian and vehicu- lar traffic. NOW, THEREFORE, BE IT ORDAINED BY THE Council of 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 $1,000,000 for the pur- pose of paying costs of constructing a fifth floor on the City's existing off-street parking garage and an enclosed pedestrian bridge connecting such garage and the City's hospital. Section 2. That said bonds shall be dated approximately July 1, 1975, 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-five'substantially equal annual installments after their issua~ce, Section 3. That' it is necessary and this Council hereby deter- mines that notes in the principal amount of $1,000,000 shall be issued in anticipation of the issuance of said bonds. Section 4. That said anticipatory notes in the amount aforesaid shall bear interest at a rate not to exceed eight per centum (8%) per annum, such interest to be payable at maturity, and at a rate no~ to exceed eight per centum (8%) per annum after maturity. Such notes may be issued in a series and shall be in the denomination and numbered as determined by the Director of Finance, and shall be dated'as of the date of their respective issuance and shall mature on or before one year from such date. Such notes may be issued from ttme to time in such amounts as may be deemed necessary by the Director of Finance in order to meet the obligations incurred for the improvements described in Section 1 hereof.