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ORDIN~d~CE NO. 4~ -78
<br />
<br />By: Messrs. Magnotto, Salmon, Ushc
<br /> Brockman, Brown, Chinnock
<br />
<br /> AN E~H~'RGEi~Cy ORDINAi~CE to provide for the issuance of bonds for the
<br />purpose of paying costs of constructing and reconstructing storr~ and sanitary
<br />sewers together with the necessary appurtenances thereto.
<br />
<br /> ~IEREAS, there has heretof6re been issued pursuant to Ordinance No.
<br />70-72, passed on November 20, 197~, a note in the principal amount of $500,000,
<br />dated January 11, 1973, to pay the costs of said improvement; and
<br />
<br />~{EREAS, said note matured and was renewed at maturity by the ~ssuance
<br />of a note in the principal amount of $500,000, dated January 11, 1974, issued pur-
<br />.suant to Ordinance No. 27-74, passed January 7, 1974; and
<br />
<br /> ~'~EREAS, said note matured, and, together ~.zith funds of the City
<br />available and appropriated for such purpose, was rene~,~ed at maturity bv the is-
<br />suance of a note in the principal amount of $470,0~0, dated January 11~ 1975, is-
<br />sued pursuant to Ordinance No. 4-75, passed January 6, 19751 and
<br />
<br /> I~IEREAS, said note matured, and, together with funds of the City,
<br />'available and appropriated for such purpose, was rene~ed at maturity bv the
<br /> issuance of a note in'the principal amount of.$402,$00, dated January ~ 1976,
<br /> issued pursuant to Ordinance No. 1-76, passed January 5, 1976; and
<br />
<br /> ~IEREAS, said note matured, and, together with funds of the City,
<br />available and appropriated for such purpose, was renewed at ~.~aturitv~ by the
<br />issuance of a note in the principal amount of $369,200, dated January 7, 1977,
<br />issued pursuant to Ordinance No. 76-76, passed December 20, 1976; and
<br />
<br /> I'~EREAS, said note matured, and, together with funds of the Ci[y~
<br />available and appropriated for such purpose, ~as rene~?~ed at r~atu~'ity bv the
<br />issuance of a note in the principal amount of $335,600, dated January 6,
<br />issued pursuant to Ordinance No. 75-77, passed December ].9, 1977, and said
<br />note is about to mature and it is now necessary to fund such ~ote at its
<br />rity; and
<br />
<br /> %,5!EREAS, this Council has determined it necessary to issue bonds in
<br />the amount of $3~O,000 to retire said note and to pay for costs of tT~e i~-~.prove.-
<br />ment; and
<br />
<br /> WiIEREAS, the Director of Finance as fisCal officer, has
<br /> · - c~rtl~ le~
<br />to this Council that the estimated life of the improvement hereinafter r~entioncd
<br />as at least five years and has further certified the maximum maturity of such
<br />bonds as forty (40) years; and
<br />
<br /> T~IEREAS, this Council by two-thirds vote of the r~er:lers elected tl~ereto
<br />determines that this ordinance is an emergency measure T.~hich is ~ccessary for the
<br />i, nnediate preservation of the public peace, property~ healtl~ and s.~.{fety ant[
<br />for the further reason that the ir~mTediate issuance and sale of tI~e bonds herein
<br />authorized is necessary to enable the City to retire at ~:~aturity the outstandin:~
<br />note and thereby preserve the City's credit;
<br />
<br /> NOW, THEREFOP~E, BE IT ORDAIUED by the.Council of tl,e City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds of
<br />the City of Lakcwood in the principal amount of $340,000 for the purpose of
<br />paying costs of constructing and reconstructing storm and sanitary sewers to-
<br />gether with the necessary appurtenances thereto.
<br />
<br /> Section 2. Said bonds J.n the princi,al sum of $360,000 shall be
<br />issued in the denomination of $5,000 each; shn'll be nu~.~bered from 1 to 6,9, both
<br />inclusive, an{[ shall be dated June 1, 1978. Said bonds shall bear interest
<br />
<br />
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