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ORDINANCE NO. 52-76
<br />
<br />By: Messrs. Brockman, Chinnock, Magnott0, Moil. ride,
<br /> Salmon, Sinagra, Usher
<br />
<br /> AN-EMERGENCY OILDINANCE to provide for the issuance of notes of the
<br />City of Lakewood, Ohio, in anticipatiod'of the issuance of bonds for the pur-
<br />pose of paying the costs of coDstructing a fifth floor on the City's existing off-
<br />street parking garage and an enclosed pedestrian bridge connecting such garage and
<br />the City's hospital. ~
<br />
<br /> WHEREAS, this Council, pursuant to Ordinance No. 46-74 passed March 20,
<br />1974, issued a note in the principal amount of $1,000,000 for the purpose herein-
<br />after stated to mature on or before one year fromdate, to wit: August 29, 1975,
<br />which note was renewed at maturity by the issuance of a new note in the principal
<br />amount of $1,000,000, pursuant to Ordinance No. 52-75, passed August 5, 1975,
<br />which note is about to mature: and -~
<br />
<br /> ~{EREAS, this Council has determined to retire said outstanding
<br />note with the proceeds of the issuance of new notes; and
<br />
<br /> ~{EREAS, this Council has heretofore requested the Director of
<br />Finance to issue his certificate as to the estimated life of the improvement
<br />and the maximum maturity of the bonds hereinafter referred to and of the
<br />notes to be issued in anticipation of such bonds, and the Director of Finance
<br />has certified to this Council such estimated life as at least five years and
<br />has further certified the maximum maturity of such notes as eight years from
<br />August 29, 1974, or one year if sold privately; 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
<br />necessary for the immediate preservation of the public peace, property,
<br />health and safety and for the further reason that the immediate issuance
<br />and sale of the notes herein authorized is necessary to enable the City
<br />to preserve 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
<br />of the City of Lakewood in the principal amount of $1,000,000 for the pur-
<br />pose of paying the costs of constructing a fifth floor on the City's existing off-
<br />street parking garage and an enclosed pedestrian bridge connecting such garage and
<br />the City's hospital.
<br />
<br /> Section 2. That said Bonds shall be dated approximately August
<br />1, 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
<br />is paid, and shall mature in twenty-five substantially equal annual install-
<br />ments after their issuance.
<br />
<br /> Section 3. That it is necessary and this Council hereby determines
<br />that notes in the principal amount of $1,000,000 shall be issued in antici-
<br />pation of the issuance of said bonds and to pay and retire the above-mentioned
<br />outstanding notes.
<br />
<br /> Section 4. That such anticipatory notes in the amount aforesaid
<br />shall bear interest at a rate or rates not to exceed eight per centum (8%)
<br />per annum, payable at maturity, and at a rate or rates not to exceed eight
<br />per centum (8%) per annum after' n, aturity and until the principal sum is
<br />paid; and shall be in the den~.~ation and numbered as determined by the
<br />
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