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0RDII~A.~CE NO. 14-80
<br />
<br />By: Brown, Chinnock, Graham, McBride, Salmon,
<br /> Wendling
<br />
<br /> AN E~RGENCY ORDINANCE to provide for the issuance of notes of 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 thereto.
<br />
<br /> W%IEREAS, pursuant to Ordinance No. 5-77, passed January 24, 1977,
<br />a note in the principal amount of $450,000 dated Narch 7, 1977, maturing on
<br />~rch 7, 1978, was issued for the purpose.hereinafter stated, which note
<br />matured on ~rch 7, 1978; and
<br />
<br /> ~EREAS, pursuant to Ordinance Nov 20-78, passed February 21, 1978,
<br />a note in the principal amount of $450,000 dated March 7, 1978, maturing on
<br />~rch 2, 1979, was issued to retire the then outstanding note, which note
<br />matured on March 2, 1979; and
<br />
<br /> I~q{ERLiS, pursuant to Ordinance No. 15-79, passed February 5, 1979,
<br />a note in the principal amount of $250,000, dated ~rch 2~ 1979, maturing
<br />one year from data, was issued to retire the then outstanding note, and said
<br />note is a'bout to mature; and
<br />
<br /> WHEREAS, the Director of Finance as fiscal officer, has certified
<br />to ti]is Council that the estimated life of the improvement hereinafter
<br />tioned is at least five years and has further certified the maxim~m~urity
<br />of the hereinafter mentioned bonds is fifteen years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is eight years' from
<br />~arah 7, 1977, or one year if sold privately; and
<br />
<br /> ,~.~r~S, this Council by tx~o-thirds vote of the members elected
<br />thereto de~ermines that this ordinance is an emergency measure %'hich is
<br />necessary for t!~e in,mediate preservation of the public peace, property,
<br />health and = ~'~
<br /> sa~e~ and for the further reason that the ir~nediate issuance
<br />end sale of the notes herein authorized is necessary to enable the City to
<br />r.etire the outstanding notes at maturity and thereby preserve the City's
<br />credit; ~ .-
<br />
<br /> · 0,,, THEREFO!IE, BE IT ORDAIi<ED by the Council of the City of Lake'.,~ood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1, That it is hereby declared necessary to issue bonds of
<br />the City of Lake~ood 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 />1981, shall bear interest at the estimated rate of seven per centum (7%)
<br />per annum, payable semi-annually, until the principal sum is paid, and
<br />shall mature in fifteen substantially equal annual installments after their
<br />
<br /> Section 3. That it is necessary and this Council hereby determines
<br />that notes-in the principal amount ~f $250,000 sha%l be issued in anticipation
<br />of the issuance of said bonds and to pay and retire the above-mentioned notes.
<br />
<br /> Section ~. That sach anticipatory notes in the amount aforesaid
<br />shall bear interest at the rate of sedan and thirty-five one-nundred~]s
<br />per centu~n (7.35%) per anaum, payable at maturity, and thereafter at the
<br />
<br />
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