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ORDINANCE NO. 17 -79
<br />
<br />BY: McBride,, Salmon , Wendling, Brockman,
<br /> Brown, Chinnock, Magnotto
<br />
<br /> AN EMERGENCY ORDINANCE to p~ovide 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 a recreational center by remodeling an
<br />existing buil'ding, .providing furniture, furnishings and equipment therefor,.
<br />and acquiring real estate and interests therein.
<br />
<br /> WHEREAS, this Council, pursuant to Ordinance No. 4-77, passed
<br />January 24, 1977, issued a note in tbe principal amount of $425,000 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 and was renewed at maturity by the
<br />issuance of a note in the aggregate principal amount of $425,000 dated
<br />March 7, 19'78, issued pursuant to Ordinance No. 21-78, passed .February 21,
<br />1978, and said note is about to mature; and
<br />
<br /> WIIEREAS, there are now available funds of the City in the amount
<br />of $75,000 which this Council has d~termined to appropriate and apply to
<br />the payment of said outstanding note; and
<br />
<br /> ~tEREAS, 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-four 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 /> ~tEREAS, this Council by two-thirds vote of the members elected
<br />thereto determines that this ordinance is an emergency measure which is
<br />necessary for the immediate 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 preserve the City's
<br />credit;
<br />
<br /> NOW, ~tEREFORE, BE IT ORDAINED by the Council of the 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 Lakewood in the principal amount of $350,000 for the purpose of
<br />paying costs of providing a recreational center by remodeling an existing
<br />building, providing furniture, furnishings and eqdipment therefor, and
<br />acquiring real estate and interests therein.
<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 24 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 $350,000 shall be issued in anticipation
<br />of the issuanae of said bonds and to pay and retire the above-mentioned notes.
<br />
<br /> Section 4. That such anticipatory notes in the amount aforesaid
<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 }~rch 2, 1979 and shall mature one year from date, with sn
<br />option in tile 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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