|
O]~)INANCE NO. 74 -77 By: Messrs. McBride, Salmon, Sinagra, Usher,
<br /> Brockman, Chinnock, 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 bonds for the pur-
<br /> pose of constructing a new indoor ice-skating rink.
<br />
<br /> WHEREAS, this Council, pursuant to Ordinance No. 64-75, passed November
<br /> 3, 1975, issued a note in the principal amount of $745,000 dated December 30,
<br /> 1975, for the p~rpose hereinafter stated, to mature one year from date, to wit:
<br /> December 30, 1976;
<br />
<br /> WHEREAS, said note matured and was renewed at maturity by the issuance
<br /> of notes in the aggregate principal amount of $745,000 dated December ~0, 1976,'.
<br /> issued pursuant to Ordinance No. 77-76, passed December 20, 1976, and said notes
<br /> are about to mature; and
<br />
<br /> W~{EREAS, there are now available moneys of the City to red,ce said
<br /> notes in principal amount to $6?0,000 and this Council has determined to retire
<br /> said outstand~.ng notes at maturity by the ~ssuance of new notes in the aggregate
<br /> principal amount of $670,000; and ,
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, ]~as certified to
<br />this Council that the estimated life of the improvement hereinafter ment~i~)ned is
<br />at least five years and has further certified the maximum maturity of the' here'
<br />inafter mentioned bonds is twenty-five years and that the maximum maturity of
<br />'notes issued in anticipation of said bonds .is eight years from December 30, 1975,
<br />or one year if sold priviately; 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 necessary
<br />for the immediate preservation of ~he public peace, property, health and safety
<br />and for the further reason that the immediate issuance and sale of the notes
<br />herein authorized is necessary to enable the City to retire the. outstanding
<br />notes at maturity and thereby preserve the City's credit;.
<br />
<br /> NOW, THEREFORE BE IT ORDAINED by the Council of the City of La!~ewood,
<br />Cuyahoga County, Ohio: '
<br />
<br /> Section 1. That it is hereby declared neces'sary to issue bonds t.,f
<br />the City of Lakewood in the principal amount of $670,000 for the purpose of
<br />Constructing a new indoor ice-skating rink. ~
<br />
<br /> ~ Section 2. That said bonds shall be dated approximatgly Decembe~ 1,
<br />1978, shall bear interest at the estimated rate of six'per centum (6%) per annum,'
<br />payable semi-annually, until the principal sum is paid, and shall mature in
<br />twenty-five substantially equal annual installm~pts after their ~ssuance..
<br />
<br /> Section 3. That it is necessary and this Council hereby determines
<br />that notes in the principal amount of $670,000 shall~be issued in anticipation
<br />of the issuance of said;bonds and to pay and retire the above,mentioned noteS~.
<br />
<br /> Section 4. That such anticipatory notes ~n the amount aforesaid shall
<br />bear interest payable at maturity Ot one or more rates not exceeding the maximum
<br />rate permitted by law, provided t~at snch notes mSy bear one or more different
<br />rates not exceeding the maximum rate per~nittcd by ].aw after maturity and until
<br />the principal sum is paid; shall be J.n th'e denominations and numbe~,-ed as the
<br />original purchaser or purchasers thercof r~equest, shall, be dated December 30; .
<br />].977 and shall mat:u~:c one year from date, w.t. th an option :in the City to redeem
<br />such notes pr:[or to maturity if satisfactory to the original purchaser or pu~:- !~
<br />chasers of such notes.
<br />
<br />
<br />
|