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ORDINANCE NO. 65-74
<br />
<br />By: Messrs. Usher, Brockman, Chinnock,
<br /> McBride, Sinagra.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of $1,000,000
<br />Off-Street Parking Garage Construction Note, Series 1974-1 of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose
<br />of paying the costs of constructing and equipping a structure for municipal
<br />off-street parking of motor vehicles.
<br />
<br /> WttEREAS, this Council, pursuant to Ordinance No. 57-73, passed
<br />June 18, 1973, issued notes in the aggregate principal, amount of $3,500,000
<br />for the purpose hereinafter stated to mature on or before one year from
<br />their date of issuance, to wit: August 29, 1973; and
<br />
<br /> WHEREAS~ this Council has determined to retire said outstanding
<br />notes with the proceeds of the issuance of three issues of new notes in
<br />the amounts and designated as follows:
<br />
<br />$1,000,000 Off-Street Parking Garage Construction Note,
<br /> Series 1974-1
<br />$1,000,000 Off-Street Parking Garage Construction Notes,
<br /> Series 1974-2
<br />$1,500,000 Off-Street Parking Garage Construction Notes,
<br /> Series 1974-3
<br />
<br />and
<br />
<br /> WHEREAS, this Council has heretofore requested the Director of
<br />Finance to issue his certificate as to the estimated life of the improvement
<br />and the maximum maturity of the bonds hereinafter referred to and of the
<br />note to be issued in anticipation of said bonds, and the Director of Finance
<br />has certified to this Council such estimated life as exceeding five years
<br />~and has further certified the maximum maturity of such notes as five years,
<br />or one year if sold privately; and ~
<br />
<br /> WHEREAS, this Council by two-thirds vote of the members elected
<br />thereto determines that this ordinance is an emergency measure which is
<br />necessary for the immediate preservation of the public peace, property,
<br />health and safety and for the further reason that the immediate issuance
<br />and sale of the note herein authorized is necessary to enable the City to
<br />preserve its credit by renewing the outstanding notes at maturity;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
<br />.Lakewood, Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds
<br />of the City of Lakewood in the principal amount of $1,000,000 for tile pur-
<br />pose of'paying the costs of constructing and equipping a structure for municipal
<br />off-street parking of motor vehicles.
<br />
<br /> Section 2. That said bonds shall be dated approximately August
<br />1, 1975, shall bear interest at the estimated rate of six per centum (6%)
<br />per annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in twenty-three substantially equal annual installments after their
<br />issuance. ,
<br />
<br /> Section 3. That it is necessary and this Council hereby determines
<br />that a note in the principal amount of $1,000,000 shall be issued in anticipation
<br />of the issuance of said bonds and to pay and retire $1,000,000 of the above-
<br />mentioned outstanding notes.
<br />
<br /> Section 4. That such anticipatory note in the amount aforesaid
<br />shall bear interest at the rate of seven and eighteen one-hundredths per
<br />centum (7.18%) per annum, payable at maturity. Such note shall be dated
<br />as of August 29, 1974 and shall mature on August 29, 1975.
<br />
<br />
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