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ORDINANCE NO. 26 -77 BY:
<br />
<br />Messrs. McBride, Salmon, Sinagra,
<br />Usher, Brockman, Magnotto
<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 bombs for th~ pur-
<br />pose of acquiring and installing air pollution control equipmeht for th~
<br />City's incin(irator.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 23-73,:~"passed February 20, 1973'~
<br />a note in the principal amount of $800,000, dated June 29, 1973, maturing on
<br />or before one year from date, was issued for the purpose 'hereinafter stated,
<br />wh2ch note matured on June 28, 1974; and
<br />
<br /> .WHEREAS, pursuant tO Ordinance No.'55-74, passed June 17, 1974, a
<br />note in the principal amount of $800,000, dated June 28, 1974, maturing on
<br />or before one year from date, was issued to retire the then outstanding note,
<br />which note matured on ~Oune 27, 1975; and ..
<br />
<br /> WHEREAS, available funds of the~Ckty were appropriated, and, pursuant
<br />to Ordinance No. 41-75, passed June 16, 1975, a note in the principal amount
<br />of'$760,000, dated June 27, 1975, maturing on or before Friday, June 25, 1976,
<br />Was issued to retire ~.~he then outstanding note, which note matured on June 25,
<br />1976; and
<br />
<br /> WHEREAS, available funds of the City were appCoprtated, and, pursuant
<br />to Ordinance No. 44-76, passed June 21, 1976, a note in the principal amount',of
<br />$720,000, dated June 25, 1976, maturing on or before Friday, June 24, 1977, Was
<br />issued to retire the then outstanding not(., and said note i= about to mature; and
<br />
<br /> WHEREAS, there are now available funds of the City in the amount of
<br />$40,000 which this Council has determined to ~ppropriate and apply to the pay-
<br />ment of sa~d outstanding note; and ~'
<br />
<br /> WHEREAS, this Council has further determined that the balance of said
<br />outstanding n¢.!te in the amount of $680,000 shalI be funded by the issuance of
<br />new notes in anticipation of the issuance of bonds; and
<br />
<br /> W~£REAS, the Director of Finance, as fiscal officer, has'certified
<br />to this Council such estimated life of the improvement hereinafter mentioned as
<br />at least five years and has further certified the maximum maturity of such bonds
<br />as twenty years and of such notes as eight years from June 29, 1973, or one .year
<br />if sold privately; and
<br />
<br /> WHEPEAS, this Council by two-thirds ~',ote of the members elected ~
<br />thereto determines that this ordinance is an emergency measure which is nec-
<br />essary for th,'. ~mmediate preservation of the public peace, property, health
<br />and safety an~ ~or the further reason that the immediate issuance and sale
<br />of the notes 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~oy 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 the
<br />City'of Lake% ~od in the principal sum of $680,000 for the purpose of acquiring
<br />and installing air pollution control equipment for the City's i~.cinerator.
<br />
<br /> Section 2. That said bonds shall be dated approximately June 1, 1978,
<br />shall!bear interest at the estimated rate of. six per centum (6%)'per annum,
<br />payable semi-annually, until the principal ~ ~m is paid, and shall mature in
<br />twenty substantially equal annual installments after their issua~,ce.
<br />
<br />
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