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ORDINANCE NO. 62-77
<br />
<br />IIY: Messrs. Salmon, Sinagra, Brockman, Magnotto,
<br /> McBride, Usher
<br />
<br /> AN EMERGENCY ORDINANCE to pr~vide 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 costs of constructing the Clifton Boulevard Fire Station.
<br />
<br /> ~{EREAS, pursuant to Ordinance No. 55-75, passed September 15, 1975,
<br />a note in the principal amount of $590,000, dated November 6, 1975, maturing
<br />one year from date, was issued for the purpose hereinafter stated, which
<br />note matured on November 5, 1976; and
<br />
<br /> I~-IEREAS, pursuant to Ordinance No. 55-74, passed October 18, ].976,
<br />notes in th~ aggregate principal amount of $590,000, dated November 5, 1976,
<br />maturing on Friday, November 4, 1977, were issued to retire the then outstanding
<br />note, and said notes are about to mature; and ~
<br />
<br /> W}UZREAS, there are now available funds of the City in the amount of
<br />$110,000 which this Council has determined to appropriate and apply to the pay-
<br />ment of said outstanding notes; and
<br />
<br /> WHEREAS, this Council has further determined ~hat the balance of said
<br />outstanding notes in the amount of $480,000 shall be funded by the issuance of
<br />new notes in anticipation of the issuance of bonds; and
<br />
<br /> ~tEREAS, the Director of Finance, as f~scal 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-five years and of such notes as eight years from November 6, 1975, or
<br />one year if sold privately; and
<br />
<br /> ~1EREAS, th~s 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 notes herein authorized is necessary to enable the City to preserve
<br />its credit by renewing the outstanding notes at maturity;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by tile 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 Lakewood in the principal sum of $480,000 for the purpose of paying costs
<br />of constructing the Clifton Boulevard Fire Station.
<br />
<br /> Section 2., That said bonds shall be datc~ approximately November 1, 1978,
<br />shall bear interest &t the estimafed rate of six per centum (6%) per annum,
<br />payable semi-annually, until the principal sum is pa~d, and shall mature in
<br />twenty-five substantially equal annual installments after their issuance.
<br />
<br /> Section 3. That it is necessary and tbis Council hereby determines
<br />that notes in the aggregate principal amount of $480,000 shall be issued in
<br />anticipation of the issuance of said bonds and to pay and retire the above-
<br />mentioned outstanding notes.
<br />
<br /> Section 4. That such anticipatory notes in the amount aforesaid shall
<br />bear interest payable at maturity at one or more rates not exceeding the maxi-
<br />mum rate permitted by law, provided that such notes may bear one or more dif-
<br />ferent rates not exceeding tile maximum rate permitted by law after maturity and
<br />until the principal sum is paid. Such notes shall be dated as of November 4, 1977
<br />and shall mature one year from said date, with an option in the City to redeem
<br />such notes prior to maturity if satisfactory to the original purchaser of the
<br />notes. Such notes shall be issued in such number and denomination as the pur-
<br />chaser or purchasers thereof request. The rate or rates of interest to be borne
<br />
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