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ORDINANCE NO.
<br />
<br />17-75 By:
<br />
<br />Messrs. Brockman, Chinnock, Graber,
<br />Magnotto, McBride, Sinagra, Usher
<br />
<br />BY:
<br />
<br /> AN EI'IERGE1',~CY ORD!I'~/d~CE to provide for the ~.:;soancc of $500,000
<br />i,,.¢~c~-c~tion;~l Facilities I.lotc~, Series 1975-2, of the City o,f l,a~cwoo~, Ohio,
<br /> in anticipation.of tha ~ssuancc of bonrJs for thc purpose of const~'ucting and
<br /> .~.. ~door icc-~kating rink, ~cqo:[rJ. ll~5 real. estate and
<br /> equipping a n-' J~
<br />.tl~c~:eJ.n as a part of the site thereof and constructing a parking lot and
<br />othert~ise improving thc site.
<br /> %.~]I~}l.}q&S, this Council, purs~:;nt to Ordi~',;:ncc No. 10-74, passed
<br /> Ja, un).'y 21, 1974, issued a note in the princflp:~l a;nount of $2,300,000 for
<br /> the purpose he~:einafter stated to mature on or be:fore one year from the date
<br /> of isst~ance, to ~.~tt: March 4, 1974; and
<br /> UilE]%U, AS, thio Cosec. cji has (lcte¥'mined to retire said out~.:tanding
<br /> not'c ~.~ith the proceeds of the is~;uance of fou~' i~oucs of new note~; in the
<br /> aniot, nt~; and designated a~; folloYss:
<br /> $800,000 Rec~.'cational FacJ.].il'Ic~ Not'.e:~, ~;eries 1975-1,
<br /> $500,000 Recl:eational Facilitic:; Notes, Series ].975--2,
<br /> $500,000 Recreational Facilit:;.es Note~:, Series 1975-3,
<br /> $500,000 Recreational Facilities Notes, Series 1975-4; and
<br /> I.~IEREAS, this Council has hcr[,to~ore requested the Director of
<br /> Finoncc to ~.o~.t.. ..... hJ.g certificate as to the t~t~.~,~l:c~t life of tl~e improvement
<br /> and the maximum maturity of the bonds he=:cinafte~: r(:~'crrcd to and of thc notes
<br /> to be issued in anticipation of said bo;ids, and thc. Director of Finance has
<br /> certified to this Council such estimated life as c~ceeding five years and has
<br /> further certified the maximum maturity of such notes as five years, or one
<br /> year if sold privately; and
<br /> ;~IEREAS, this Council by two-thirds vot'e of the members .elected
<br /> thereto determines that this ordinance is an emergency measure ~.yhich is nec-
<br /> essary for the immediate prese~ation of the public peace, property, health
<br /> and safety and for the further reason that the prompt issuance and sale of
<br /> the notes herein authorized is necessary to cnablt~ the City to preserve its
<br /> credit by rene~ing the outstanding note at maturity;
<br /> NOW, TIIE~iFORE, BE IT OI~AINED by the Council of the City of Lake-
<br /> x~ood, Cuyahoga County, Obis:
<br /> Section 1. That it. is hereby declared nf,¢:,-:~;sary to issue bonds of
<br /> the City of Lake~.~ood in the principal amount of $50t~,000 for the purpose
<br /> of constructing and equipping a new i.ndoor ice-slLat;ng rink, acquiring real
<br /> estate and interests therein as. a part of the site thereof and constructing
<br /> a parking lot and otherwise improving the site.
<br /> Section 2. That said bonds shall be datett approximately March 1,
<br /> 1976, shall bear interest at the estimated rate of six and one-ball per
<br /> centum (6-1/2%) per annum, payable semi-annually, until the principal sum
<br /> is p. aid, and shal.1 mature in twenty substantially equal annual installments
<br /> after their issuance.
<br /> Section 3. That it is necessary and thi?. ":ounctl hereby deter-
<br /> mines that notes in the aggregate principal amount ,' $500,000 shall
<br /> issued in anticipation of the issuance of said bon~]-, and to pay and retire
<br /> $500,000 of the above mentioned outstanding note.
<br />
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