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ORDINANCE NO. ]5 -79
<br />
<br />BY: Brown, Chinnock, Magnotto, McBride,
<br /> Salmon, Wend]ing
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes in the
<br />City of Lakewood, Ohio, in anticipation of the issuance of bonds for the pur-
<br />pose of paying costs of providing an enclosure for the Foster Pool, together
<br />with the necessary appurtenances thereo,
<br />
<br /> WHEREAS, this Council, purstmnt to Ordinance No. 5-77, passed
<br />January 24, 1977, issued a note in the principal amount of $450,000 dated
<br />March 7, 1977, for the purpose hereinafter stated, to mature one year from
<br />date, to wit: }~rch 7, 1978; and
<br />
<br /> WHEREAS, said note matured ~nd was renewed at maturity by the issu-
<br />ance o.f a note in the aggregate principal amount of $450,000 dated March 7,
<br />1978,-issued pursuant to Ordinance No. 20-78, passed February 21, 1978, and
<br />said note is about to umture; and
<br />
<br /> WHEREAS, there are now available funds of the City in the amount
<br />of $200,000 which th~.s Council has d~termined to appropriate and apply to
<br />the payment of said outstanding note; and
<br />
<br /> WHEREAS., the Director of Finance as fiscal officer, has certified
<br />to this' Council that the estimated life of the improvement hereinafter men-
<br />tioned is at least five years and has further certified the maximum maturity
<br />of the hereinafter mentioned bonds is twenty years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is eight years from
<br />March 7, 1977, or one year if sold privately; and
<br />
<br /> gRIEREAS, this Council by two-thirds vote of the members elected
<br />thereto determines that this ordinance is an eraergency measure which is
<br />necessary for the i~mediate preservation of the public peace, property.,
<br />health and safety and for the further reason that the immediate issuance
<br />and sale of the notes herein authorized is necessary to enable the City to
<br />retire the outstanding notes at maturity and thereby.prese,rve the City's
<br />credit;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood.
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. ~at it is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal amount of $250,000 for the purpose of
<br />paying costs of providing an enclosure for the Foster Pool, together with
<br />the necessary appurtenances thereto.
<br />
<br /> Section 2. That said bonds shall be dated approximately March 1,
<br />1980, shall bear interest at the estimated rate of seven per centum (7%) per
<br />annum, payable semi-annually, until the principal sum is paid, and shall mature?
<br />in twenty 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 $250.000 shall be issued in anticipation
<br />of the issuance of said bonds and to pay and 'retire the above-mentioned notes.
<br />
<br /> Section 4, That such anticipatory notes in the amount sforesai, d
<br />shall bear interest payable at maturity at one or 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 March 2, 1979 and shall mat~re 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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