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<br />ORDINANCE NO.
<br />
<br />68
<br />
<br />-78
<br />
<br />BY:
<br />
<br />.~ ..-,'
<br />
<br />McBride, Wend] ing, _Brockman,
<br />. Brown, Maqnotto
<br />AN EMERGENCY ORDINANCE to provide for the issuance of- «otes of the
<br />City of Lakewood, Ohio, in anticipation of the issuance of bonds for the pur-
<br />pose of paying costs of constructing a fifth floor on th~ City's existing
<br />off-street parking garage and an enclosed pedestrian bridge connecting such
<br />garage and the City's hospital.
<br />
<br />WHEREAS. pursuant to Ordinance No. 46-74, passed March 20, 1974.
<br />a note in the principal amount of $1,000,000, dated August 29. 1974, maturing
<br />on or before one year from date, was issued for the purpose hereinafter stated,
<br />which note matured on August 29., 1975; and
<br />
<br />WHEREAS, pursuant to Ordinance No. 52~7S. passed August 5, 1975, a
<br />note in the principal amount of $1,OOO,OQO,datéd August 29, 1975, maturing
<br />on or before one year from date, was issued to retire the then outstanding
<br />note, which note matured on August 27, 1976; and
<br />
<br />WHEREAS, pursuant to Ordinance No. 52.,.76, passed July 19, 1976, notes
<br />in the aggregate principal amount of $1,000,000, dated August 27, 1976, maturing
<br />on August 26, 1977, were issued to retire the then outstanding note, and said
<br />notes matured on August 26, 1977; and
<br />
<br />WHEREAS, pursuant to Ordinance No. 40-77, passed July 18, 197], a
<br />note in the principál amount O~ $1,000,000, dated August 26, 1977, maturing
<br />on or before one year from date, was issued to retire the then outstartding
<br />notes, and said note is about to mature; and
<br />
<br />WHEREAS, this Council has ,determined, that the puts tanding notes in
<br />the amount of $1,000,000 shall be funded by the issuance of new not~s in anti-
<br />cipation of the issuance of bonds; and
<br />
<br />WHEREAS, the Director of Finance, as fiscal ofíicer, has certified
<br />to this Council such estiillàted life of the improvement hereinafter mentioned
<br />as at least five years and has further certified the maximum maturity of such
<br />bonds as twenty-five years and of such notes as eight years from'August 29,
<br />1974, or one year if sold privacely; 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 immedia-te issuance and sale
<br />of the notes herein authorized is hecessary to enâble the City to preserve
<br />its cred:!:.t by renewing the outstanding note at maturity;
<br />
<br />NOW, TIIEREFORE, BE IT ORDAINED by the Council of the City of Lake-
<br />wood, Cuyahoga County, Ohio:
<br />
<br />Section 1. Thât it is hereby declared necessaTY to issue bonds of
<br />the City of Lakewood in the principal sum of $1~000,000 for the PQrpose of
<br />paying costs of constructi~g a fifth floor on the City'ß existing off-street
<br />parking garage and an enclosed pedestrian bridge connecting such garage and
<br />the City's hospital.
<br />
<br />Section 2. That said bonds shall be dated approximately August I,
<br />1979, shall bear interest ,at the estimated rate of six and one-half per centum
<br />(6-1/2%) per annum, payable semi.,.annua11y, until the principal sum is paid,
<br />and shall mature in twenty-five substantially equal annual installments after
<br />their issuance.
<br />
<br />Section 3. That it is necessary and this Council hereby determines
<br />that notes in the principal amount of $1,000,000 shan be issued in anticipation
<br />of the issuance of said bonds and to pay and retire the above-mentioned out-
<br />standing notes.
<br />
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