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ORDINANCE NO. 62-79
<br />
<br />By: Wendling, Brockman, Brown, Chinnock,
<br /> McBride, Salmon
<br />
<br /> AN EMERGENCY OPJOINANCE 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 constructing a fifth floor on the City's existing off-
<br />street parking garage and an enclosed pedestrian bridge connecting such garage
<br />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 />whfch note matured on August 29, 1975; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 52-75, passed August 5, 1975f a
<br />note in the principal amount of $1,000,000, dated 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,
<br />andte in the principal amount of $1,000,000, dated August 27, 1976, maturing
<br />on August 26, 1978, was issued to retire the then outstanding note, and
<br />said note matured on August 26, 1978; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 40-77, passed July 18, 1977, a
<br />note in the principal amount of $1,000,000, dated August 26, 19~7, maturing
<br />on or before one year from date, was issued to retire the then outstanding
<br />note, which note matured on August 25, 1978; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 68-78, passed July 17, 1978, a
<br />note in the principal amount of $1,000,000, dated August 25, 1978, maturing
<br />on or before one year from date, was issued to retire the then outstanding
<br />note, and said note is about to mature; and
<br />
<br /> WHEREAS, this Council has determined that the outstanding notes in
<br />the amount of $1,000,000 shall be funded by the issuance of new notes in anti-
<br />Cipation of the issuance of bonds; 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-five years and that the maximum
<br />maturity of notes issued in anticipation of said bonds 'is eight years from
<br />August 29, 1974, or one year if sold privately; 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
<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 ~he City to
<br />retire the outstanding notes at maturity and thereby preserve 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. That it is hereby.declared necessary to issue bonds of
<br />the City of Lakewood in the principal amount of $1,000,000 for the purpose of
<br />paying costs of constructing a fifth floor on the City's existing off-street
<br />parking garage and an enclosed pedestrian bridge connecting such garage and
<br />the City's hospital.
<br />
<br />
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