03-75 BAN - acquire & improve property for off street parking

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ORDINANCE NO. 3 - 7 ~ BY; .Messrs. sinagra, Usher, Brockman, Chinnoc Graber, Magnotto,McBride, AN EMERGENCY 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 pa~ing 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, pursuant to Ordinance No. 76-72 passed on December 4, 1972 a note in the principal amount of $700,000 dated January 18, 1973 has hereto- fore been issued to pay the costs of said improvement, which note matured and was renewed at maturity by a note in the principal amount of $700,000 dated January 18, 1974, issued pursuant to Ordinance No. 3-74, passed on January 7, · 1974, and said note is about to mature; WHEREAS,, this Council has. determined to retire said outstanding note at maturity by the iss6ance of a new note in the principal amount of $700,000; and WHEREAS, this Council has heretofore requested.the Director of Finance to issue his certificate as.to the estimated life of the improvement 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 bonds as twenty-nine years and of sUch note as five years, or one year if sold privately; 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 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, 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 con- struction of a structure for municipal off-street parking. Section 2.' That~said bonds shall be dated approximately January 1, 1976, shall bear interest at the estimated rate of six and one-half per centum (6-1/2%) 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 above described improvement and to retire the outstanding 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 afolresaid shall bear interest at the rate of six and one-eighth (6-1/8%) per annum, such interest to be payable at maturity. Such note shall be dated January 18, 1975 and shall mature on or before January 16, 1976o