51-75 BAN - Construction & equip for parking garage

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ORDINANCE NO. 51-75 By: Messrs. Brockman, Chinnock Graber, Magnotto, McBride, Usher AN EMERGENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of paying the costs of constructing and equipping a structure for municipal off-street parking of motor vehicles. WHEREAS, this Council, pursuant to Ordinances Nos. 65-74, 66-74 and 67-74 all passed August 23, 1974, issued notes in the aggregate principal amount of $3,500,000 for the purpose hereinafter stated to mature one year from date, to wit: August 29, 1975; and WHEREAS, this Council has determined to retire said outstanding notes with the proceeds of the issuance of new notes; and WHEREAS, this Council has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the improve- ment and the maximum maturity of the bonds hereinafter referred to and of the notes to be issued in anticipation of such bonds, and t~e Director of Finance has certified to this Council such estimated life as exceeding five years and has further certified the maximum maturity of such notes as eight years from August 29, 1973, or one year 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 immediate issuance and sale of the notes herein authorized is necessary to enable the City to preserve its credit by renewing the outstanding notes 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 $3,500,000 for the purpose of paying the costs of constructing and equipping a structure for municipal off-street parking of motor vehicles. Section 2. That said bonds shall be dated approximately August 1, .1976, 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-three substantially equal annual installments after their issuance. Section 3. That it is necessary and this Council hereby deter- mines that notes in the principal amount of $3,500,000 shall be issued in anticipation of the issuance of said bonds and to pay and retire the above-mentioned outstanding notes. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at the rate of five and eight one-hundredths per centum (5.08%) per annum, payable at maturity, and at the rate of eight per centum (8%) per annum~after maturity, and shall be in the denomination and numbered as determined by the Director of Finance, and shall be dated as of August 29, 1975, and shall mature on August 27, 1976. Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable in Federal Reserve Funds of the United States of America at The Cleveland Trust Company, Cleveland,