76-77 BAN - prepare site for off street parking

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ORDINANCE NO. 76 -77 ~by: Messrs. Usher, Brockman, Chinnock, Magnotto, McBride, Salmon, Sinagra AN EMERCENCY ORI)INANCE to provide fo~ the issuance of notes of the City of Lakewood, Ohio, in anticipation Of the ~ssuance of bonds for~. the pur~- pose of paying the costs of acquiring and improving real property by clearing therefrom existing buildings thereon for the purpose of providing a site .for the construction of a structure for municipal off-street parking. WHEREAS, pursuant to Ordinance No. 76-72, passed on December 4, 1972, a note in the principal amount of $700,000, dated January 18, 1973, has hereto- fore been issued to pay the costs of said improvement; and WtlEREAS, sa:id note matured anti was renewed at maturity by t~e issu- ance of a note in the principal amount of $700,000 dated January 18, ].974, i~sued pursuant to Ordinance No. 3-7/4, passed on January 7, 1974; and WttEREAS, said note matured and was renewed at maturity by the issu- ance of notes in the aggregate principal amount of $700,000, dated January 18, 1975, issued pursnant to Ordinance No. 3-75, passed January 6, 1975'; and WHEREAS, said notes matured and, together with funds of the City available and appropriated for such purpose, were renewed at maturity bM the issuance of notes in the aggregate principal amount of $665,000, dated January lp, 1975, issued pursuant to Ordinance No. 2-76, passed January 5, 1976; and W}IEREAS, said notes matured and, together with funds of the City- available and appropriated for such purpose, were.renewed at maturity by the issuance of notes in the aggregate principal amount of $630,000, dated January 14, 1976, issued pursuant to Ordi~ance No. 75-76, passed December 30, 1976 and said notes are about to mature; and WHEREAS, there are now available moneys of the City to reduce said notes in aggregate principal amount to $595,000 and this Cougc.~il has detegmined to retire said outstanding notes at maturity by the issuance of new notes..in the aggregate principal amount of $595,0-00 WHEREAS, this Council has heretofore requested the Director of Finance, as fiscal offs. cer, to issue his cer[-ificate as to the estimated life of the im- provement and the maximum maturity of the bonds hereinafter referred to an~d of the notes to be issued in anticipation~of said bonds, and the Director of Finance has certified to this Council such estimated life as at least ffive years .and has furthe~ certified the maximum maturity of such bonds as twenty-nine years a~d of such notes as eight years from January. 18, 1973, or one year if sold privately; and WHEREAS, this Council by two-thirds vote of the members elected there- to determines that this ordinance is an emergency measure which is.neccssary for the immediate preservation of the public peace, property, health and safety and for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to enable the City to retire at maturity the outstanding notes and thereby preserve the City's credit; NOW, THER.EFORE, BE IT ORI)AINED by the Council of the City of Lakewood, Cuyahoga County, Ohio: Section 1. That it. is hereby declared nece:~sary to issue bonds of the City of I, akewood in the pr:inc'ipal amount of $595,000 for tho purpose of paying the cost:s of acquit'lng and improving real prop.erty by c].car'lng therefrom exist:- lng bnild.lng~; thereon l-or t:hc purlm:;c of providing a site for the construction of a structure for nmnicilml off-street parking. Section 2. That saJd bonds shall be dated approx'fmatel, y January '1, ].979} slm].], be.ar Jnt.er{,,~t at the c~;timat:ed rare of ~:[x pt~r ct, ntu,1 (6%) per annum, payal>].q send-;mnually, unt'I. 1 the pr'[nc.ltSal ~um ]s paid, and shall m;~tUL'e in twenty-nine substm~tlal]y equal ;mnual installments aft:er their issuance.