42-78 Bonds - clearing bldgs for off street parking

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WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure whicll is necessary 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 bonds herein authorized is necessary to enable the City to retire at maturity the outstanding issues of notes and thereby preserve the City's credit; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $3,665,000 for the purpose of improving the City's municipal off-street parking facilities by constructing and equipping structures for off-street parking of motor vehicles, and ac- quiring and improving real property by clearing therefrom existing buildings thereon in connection therewith. Section 2. Said bonds in the principal sum of $3,665,000 shall be issued in the denomination of $5,000 each; shall be numbered from 1 to 733, both inclusive, and shall be dated June 1, 1978. Said bonds shall bear interest at the rate of six per centum per annum, payable December 1, 1978 semi- annually thereafter on the first day of June and the first day of December of each year, until the principal sum is paid; provided, however, that if said bonds are sold bearing a different rate of interest than hereinafter specified, then the same bonds shall bear such rate of ihterest as may be provided in the ~resolution of Council approving the award thereof. Said bonds shall mature as follows: $180,000 on December 1 in each of the years 1979 to 1985, both inclusive and $185,000 on December 1 in each of the years 1986 to 1998, both inclusive which said maturities are hereby determined to be in substantially equal annual installments. Section 2. Said bonds shall be signed by the Mayor and Director of Finance of said City, provided t.~at one of such signatures may be a facsimile signature; and shall be sealed with the corporate seal of the City or a facsimile thereof. Interest coupons attached to said bonds shall bear the facsimile signature of the Director of Finance printed or iithographed thereon. They shall designated "Off-Street Parking Garage Construction Bonds" and shall be payable at the principal office of the legal depositary of the City pre- sently The Cleveland Trust Company, Cleveland, Ohio, without deduction for its services as the issuer's~paying agent, and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 4. Said bonds shall be first offered at par and accrued interest to the Director of Finance as officer in charge of the Bond Retirement Fund, and if the Director of Finance refuses to take any or all of said bonds, then said bonds not so taken shall be advertised for public sale and sold in the manner provided by law. The proceeds from the sale of such bonds, except the premium and accrued interest thereof, shall be used for the purpose for which such bonds are issued and for no other purpose; the premium and accrued interest .received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of such bonds in the manner provided by law. The City hereby covenants that it will restrict the use of the proceeds of the bonds in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time the debt is incurred, so that they will'not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the regulations prescribed under that section. The Director of Finance, as fiscal officer of the City, or any other officer, including the Clerk of Council, having responsibility with respect to the issuance of such bonds is authorized and directed to