|
OP, DIi~IANCE NO. 16-80 By: Salmon, Wendling,. Brown, Chinnock,
<br /> Graham, McBri de
<br /> AN ~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 a recreational center by remodeling an
<br />existing building, providing furniture, furnishing~ and equipment therefor,
<br />and acquiring real estate and interests therein.
<br />
<br /> ~R{EREAS, pursuant to Ordinance No. 4-77, passed January 24, 1977,
<br />a note in the principal amount of $425,000 dated March 7, 1977, maturing one
<br />year from date, wa~ issued for the purpose hereinafter stated, which note
<br />matured on ~.~rch 7, 1978; and
<br />
<br /> ~tEREAS, pursuant to Ordinance No. 21-78, passed February 21, 1978,
<br />a note in the principal amount of $425,000 dated March 7, 1978, maturing one
<br />year from date, was issued to retire the then outstanding note, which none
<br />matured on March 2, 1979; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 17-79, passed February 5, 1979,
<br />a note in the principal amount of $350,000, dated b~rch 2, 1979, maturing one
<br />year from d~te, was issued to retire the then outstanding note, and said
<br />note is about to mature; and
<br />
<br /> I~EREAS, 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 ~,enty-four years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is eight M,~ars from
<br />}~rch 7, 1977, or one year if sold privately; and
<br />
<br /> ~.~{EREAS, this Council by ~vo-thirds vote of the mem. bers elected.
<br />thereto determines that this ordinance is an emergency measure x~hich is
<br />necessary for the immediate preservation of the public peace, property,
<br />health and safety and for the further reason that the i~ediate issuance
<br />and sale of the notes herein authorized is necessary to enable the City to
<br />retire the outstanding notes at maturity and thereb~ preserve the City's
<br />credit;
<br />
<br /> ~OW, THEREFOSE, 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 />th& City of Lakewood in the principal amounn'of $350,000 for the purpose of
<br />paying costs of providing a ~ecreational center by remodeling an existing
<br />building, providing furniture, furnishings and equipment therefor, and
<br />acquiring real estate and interests therein.
<br />
<br /> Section 2. 'That said bonds shall 'be dated approximately March 1,
<br />1981, shall bear interest at the estimated rane of seven per centum (7%)
<br />per ann~m, payable semi-annually, until the principal sum is paid, and
<br />shall mature in twenty-four substantially equal anhual installments after
<br />their iss'uance.
<br />
<br /> Section 3. ~hat 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 issuance of said bonds and to pay and retire the above-mentioned notes.
<br />
<br /> Section 4. That such anticipatory notes in the amounn~aforesaid
<br />shall bear interest at the rate of seven and thirty-five one-hundredths
<br />per centum (7.35%) per annum, payable at maturity, and'thereafter at the
<br />
<br />
<br />
|