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ORDINANCE NO.
<br />
<br />21 -78
<br />
<br />BY: Messrs. Magnotto, McBride, Salmon, Usher,
<br /> Brockman, Brown, Chinnock
<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 paying costs of providing a recreational center by remodeling an existing
<br />building, providing furniture, furnishings and equipment therefor, and acquir-
<br />ing real estate and interests therein.
<br />
<br /> ~{EREAS, pursuant to Ordinance No. 4-77, passed January 24, 1977,
<br />a note in the principal amount of $425,000, dated March 7, 1977, maturing
<br />one year from date, was issued for the purpose hereinafter stated, and..~$aid note is
<br />about to mature; and
<br />
<br /> WHEREAS, this Council has determined that said outstanding
<br />note in the amount of $425,000 shall be funded by the issuance of new notes
<br />in anticipation of the issuance of bonds; and
<br />
<br /> WHEREAS, 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-four years and of such notes as eight years from Mazch 7, 1977, or
<br />one year if sold privately; 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 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 note at maturity;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by 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 Lakewood in the principal sum of $425,000 for the purpose of paying costs
<br /> of providing a recreational center by remodeling an existing building~ providing
<br /> furniture, furnishings and equipment therefor, and acquiring real estate and in-
<br /> terests therein.
<br />
<br /> Section 2. That said bonds shall be dated approximately March 1, 1979,
<br />shall bear interest at the estimated rate of six and one-half per centum (6-1/2%)
<br />per annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in twenty-four substantially equal annual installments after their issuance.
<br />
<br /> Section 3. 'That it is necessary And this Council hereby determines
<br />that notes in the principal amount of $425,000 shall be issued in anticipation
<br />of the issuance of said bonds and to pay and retire the above-mentioned out-
<br />standing note.
<br />
<br /> Section 4. That such anticipatory notes in the amount aforesaid
<br />shall bear interest payable at maturity at one cr more rates not exceeding
<br />the maximum rate permitted by law, provided that such notes may bear one or
<br />more different rates not exceeding the maximum rate permitted by law after
<br />maturity and until the principal sum is paid; shall be in the denominations
<br />and numbered as the original purchaser or purchasers thereof request, shall
<br />be dated as of March 7, 1978 and shall mature one year from date, with an
<br />option in the City to redeem such notes prior to maturity if satisfactory
<br />to the original purchaser or purchasers of such notes.
<br />
<br />
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