52-75 BAN - construct 5th fl & bridge on parking garage

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ORDINANCE NO. 52-75 By: Messrs. Chinnock, Graber, Magnotto, McBride, Usher, Brockman 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 costs of constructing a fifth floor on the City's existing off-street parking garage and an enclosed pedestrian bridge con- necting such garage and the City's hospital. WHEREAS, this Council, pursuant to Ordinance No. 46-74 passed May 20, 1974, issued notes in the aggregate principal amount of $1,000,000 for the purpose hereinafter stated to mature on or before 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, 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 eight years from August 29, 1974, 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 $1,000,000 for the purpose of paying costs of constructing a fifth floor on the City's exist- ing off-street parking garage and an enclosed pedestrian bridge connect- ing such garage and the City's hospital. 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-five 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 $1,000,000 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 per centum (5%) per annum payable at 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 or before one year from date. Section 5. That such notes shell be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable at the office of the Director of Finance, City Hall, Lakewood,