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ORDINANCE NO. 16 -79
<br />
<br />BY: Salmon, Wendling, Brockman, Brown,
<br /> Chinnock, Magnotto, McBride
<br />
<br />AN EMERGENCY ORDINANCE 'to provide for the issuance of notes tn the
<br />City of I.akewood, Ohio, tn antlclpatlon of the issuance of bo.ads for the put-
<br />'po.se of constructing and equipping a new indoor Ice-skating rink, acquiring
<br />real estate and interests ,therein a.s a part of the site thereof and construct-
<br />lng a parking lot-and otherwise improving the site.
<br />
<br /> WIIEREAS, pursuant to Ordinance No. 10-74, passed January 21, 1974,
<br />a note In the principal amount of $2,300,000, dated March 4, 1974, maturing on
<br />or beforo one year from date, was issued for the purpose hereinafter stated,
<br />which note matured on March 4, 1975.; and
<br />
<br /> WItEREAS, pursuant to Ordinance Nos. 16-75, 17~75, 18-75 and 19-75,
<br />all passed February 18, 1975, notes in the aggregate principal amount of
<br />$2,300,000 dated March 4, 1975, maturing on or before one year 'from date,
<br />were issued to ~etire the then' outstanding note, which notes matured on
<br />MarCh 4, 1976; and
<br />
<br /> WIIEREAS, pursuant to Ordinance No. 11-76, passed February 16, 1976,
<br />notes in the aggregate principal amount of $2,300,000, 'dated March 4, 1976,
<br />maturing one year from date, were issued to retire the then outstanding
<br />notes, which notes matured on ~arch 4, 1977; and
<br />
<br /> WIlERISA'S, pursuant to Ordtlmnce No. 9-77, passed February 22, 1977
<br />a note tn the principal an~)unt of $2,300,000, dated March /,, 197'7, maturing
<br />on or before one year from date, was Issued to retire the then outstanding
<br />notes, which notes matured on March 3, 1978; and
<br />
<br /> WIlE[lEAS, pursuant to Ordinance No.19-78, passed February 21, 1978
<br />a note in the. principal amount of $2,300,000, dated March 3, 1978, maturing
<br />on or before one year from date, was issued to retire the then ontstandtng
<br />note, and said note Is about to mature; and
<br />
<br /> WtlERI';AS, there are now available funds of the City in the amount
<br />of $15,O00 uhlch tht,a Council has de. ter,nlned to appropriat., and apply to
<br />the payment of said outstanding note; and
<br />
<br /> WIIEREAS, this Council has determined that said outstanding note in
<br />the amount of $2,300,000 r;hal'l be funded by tim issuance of n~w notes in
<br />anticipation of tho issuance of bonds; and
<br />
<br /> WIIEREAS, the Direc.tor of Finance as fiscal officer, bas certified
<br />to this Council that the esttr~3ted life of the improvement herelnafter men-
<br />tioned Is at least five years and has further certified the maximum maturity
<br />of the hereinafter mentioned bonds is t~enty years and that the maxlmura
<br />maturity of notes issued in anticipation of sald bonds is eight years from
<br />March 4, 1974, or one year if sold privat8ly; and
<br />
<br /> WI'tEREAS, this Cot'nctl by two-thirds vote of the members elected
<br />thereto determines that tills ordinance is an emergency measure which is
<br />necessary for the imn~diate preservation of the public peaca, property,
<br />health and safety and for the further reason that the Immediate issuance
<br />and ~ale of the notes hereJn authorized is necessary to enable the City to
<br />retire the outstanding notos at maturity and ~hereby preserve tile City's
<br />credit;
<br />
<br /> NOW, 1]II.;RI.;FORI,'., BE IT ORDAINEI} by the Council of the City of Lakawood,
<br />Cuyahoga County, Ohl. o.:
<br />
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