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ORDINANCE NO. 44 -76 BY:
<br />
<br />Messrs. Salmon, Sinagra,
<br />Usher, Brockman, Chinnock,
<br />Magnotto, McBride
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of a note of
<br />the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the
<br />purpose of acquiring and installing air pollution control equipment for the
<br />City's incinerator.
<br />
<br /> WHEREAS, this Council, pursuant to Ordinance 23-73, passed Febru-
<br />ary 20, 1973, issued a note in the principal amount of $800,000 for the pur-
<br />pose hereinafter stated which note matured and was renewed at maturity by the
<br />issuance of a new note dated June 28, 1974, pursuant to Ordinance No. 55-74,
<br />passed June 17, 1974, which note matured and was renewed at maturity by the
<br />issuance of a new note pursuant to ordinance No. 41-75 passed June 16, 1975,
<br />which note is about to mature; and
<br />
<br /> WHEREAS, this Council has determined to retire said outstanding
<br />note with the proceeds of the issuance of a new note; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has certified
<br />to this Council such estimated life of the improvement hereinafter mentioned
<br />as at least five years and has further certified the maximum maturity of such
<br />bonds as twenty years and of such notes as eight years from June 29, 1973, or
<br />one year if sold privately; and
<br />
<br /> WHEREAS, there is now available the sum of $40,000 which is to be
<br />applied to the retirement of the outstanding note; 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 nec-
<br />essary for the immediate preservation of the public peace, property, health
<br />and safety and for the further reason that the immediate issuance and sale
<br />of the note herein authorized is necessary to enable the City to preserve
<br />its credit by renewing the outstanding note at maturity;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lake-
<br />wood, Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal sum of $720,000 for the purpose of ac-
<br />quiring and installing air pollution control equipment for the City's incin-
<br />erator.
<br />
<br /> Section 2. That said bonds shall be dated approximately June I,
<br />1977, shall bear interest at the estimated rate of six and one-half per
<br />centum (6-1/2%) per annum, payable semi-annually, until the principal sum is
<br />paid, and shall mature in twenty substantially equal annual installments after
<br />their issuance.
<br />
<br /> Section 3. That it ~s necessary and this Council hereby determines
<br />that anote in the principal amount of $720,000 shall be issued in anticipation
<br />of the issuance of said bonds and to pay and retire the above-mentioned out-
<br />standing note.
<br />
<br /> Section 4. That such anticipatory note in the amount aforesaid shall
<br />bear interest at a rate of three and ninety-five one-hundredths per centum
<br />(3.95%) per annum, payable at maturity. Such note shall be dated June 25, 1976
<br />and shall mature on or before Friday, June 24, 1977.
<br />
<br />
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