75-76 BAN purchase property, clear & construct parking garage

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ORDINANCE NO. 75-76 By: Messrs. McBride, Salmon, Sinagra, Usher, Brockman, AN EMER~ENCY ORDINANCE to provide for the issua~e of not~:s of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the pur- pose of paying the costs of acquiring and improving real property by clear- ing therefrom existing buildings thereon for the purpose of providing a site for the construction of a structure for municipal off-street parking. WltEREAS, pursuant to Ordinance No. 76-72, passed on December 4, 1972, a note in the principal anlount of $700,000, dated January 18, 1973, has hereto- fore been issued to pay the costs of said improvement; and WIlEREAS, said note maLured and was renewed at maturity by the is- suance of a note in the principal amount of $700,000 dated January 18, 1974, issued pursuant to Ordinance No. 3-7'Z,, passed on January 7, 1974; and WllEREAS, said note matured and was renewed at maturity by the is- suance of notes in the aggregate principal amount of S700,000, dated January 18, 1975, issued pursuant to Ordinance No. 3075, passed January 6, 1975; and I~qlEREAS, said notes matured and, to?,ether with funds of the City availab.le and appropriated for such purpose, were renew~..d at maturity by the issuance of notes in the aggregate principal amount of $665,000, dated January 16, 1.975, issued pursuant to Ord:Inance. No. 2-76, p;~:;sed .lanu~ry 5, 1976 and said notes are about to mature; and RqIEREAS, there c~re now availablt; moneys of the City to reduce sa~d notes in aggregate principal amount to $630,000 and this Council has dc.term:ined to retire said outstanding notes at maturity by t:he issuance of new notes the aggregate principal amotmt of $630,000; and t~q'IEREAS, Lhis Cotmcil has heretofore requested the Director of Finance, as fiscal officer, to :i. ssu~z his certificate as to the estimated lJ;fe of the ira- provement and the maxlmum maturity of' the bond's hereinafter referred to and of the notes to be issued in anticipation of said bonds, and the Director of F~nance has certified to this Council such estimated life as at ]east five. years and has further certified the maximum maturity of such bonds as twencyrn~ne years .and of such notes as e. ight years from January 18, 1973, or one year if sold privately; and ' FR-tEREAS, th~s Council by two-thirds vote of the members elected there- to determines that this ordinance is an emergency measure wi,ich is nece. ssary for the immediate preservation of the public peace, property, health and safety and for the luther reason that the immediate issuance and sale of the notes tmrein authorized is necessary to enable the City to retire at maturity the outstanding notes and thereby preserve the City's credit; 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 Lakcwood in the principal amount of $630,000 for the purpose of paying the costs of acquiring and ~mproving real property by clearing therefrom exist- ing buildings thereon for the purpose of providing a site for the construction of a structure for municipal off-street parking. Section 2. That said bonds shall be dated approximate].y Jant, ary 1, 1978, shall bear interest at: the estimated rate; of six per ccntum (6%) per .~umum, payable semi-annually, until the principal sum :i.s paid, and shall msture it] twenty-nine substantJ, ally equal annual installments after their issuat~ce. Section 3. That it is necessary and this Council hereby deter- mines that notes in the principal amount of $630,000 shall be issued in anti- cipation of the issuance of said bonds.