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ORDINANCE NO. 53-76
<br />
<br />By: Messrs. Magnotto, McBride, Salmon,
<br /> Sinagra, Usher, Brockman, Chinnock
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes of the
<br />City of Lakewood, Ohio, in anticipation of the issuance of bonds for the pur-
<br />pose of paying the costs of constructing and equipping a structure for muni-
<br />cipal off-street parking of motor vehicles.
<br />
<br /> k~EREAS, this Council-, pursuant to'Ordinance Nos. 65-74, 66-74
<br />and 67-74 all passed August 23, 1974, issued notes in the aggregate principal
<br />amount of $3,500,000 for the purpose hereinafter stated to mature one year from
<br />date, to wit: August 29, 1975, which notes were renewed at maturity by the is-~
<br />suance of new notes in the aggregate principal amount of $3,500,000, pursuant
<br />to Ordinance No. 51-75, passed August 5, 1975, which notes are about to mature;
<br />and ~
<br />
<br /> ~{EREAS, this Council has determined to retire said outstanding
<br />notes with the proceeds of the issuance of new notes; and
<br />
<br /> WHEREAS, tlis CouncJ. 1 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 />h~s certified to this Council such estimated life as at least five years amd
<br />has'further certifj~ed the maximum maturity of such notes as eight years from
<br />August 29, 1973, 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 notes at maturity;
<br />
<br /> NOW, %MEREFORE, 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 $3,500,000 for the pur-
<br />pose of paying the costs of constructing and equipping a structure for muni-
<br />cipal off-street parking of motor vehicles.
<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-three 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 $3,500,000 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 maturity and until the principal sum is
<br />paid; and shall be in the denomination and numbered as determined by the
<br />
<br />
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