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ORDINANCE NO.
<br />
<br />80 -8O
<br />
<br />By: Gallagher, Graham, McBride, Salmon, Wendling,
<br /> Chinnock
<br />
<br /> AN EMERGENCY ORDINANCE to provide.~for the issuance of notes of the
<br />City of Lakewood, 0h~o, in anticipation of the issuance of bonds for the pur-
<br />pose of constructing a new indoor ice-skating rink.
<br /> WHEREAS, pursuant to Ordiuance No. 64-75, passed November 3, 1975,
<br />a note in the principal amount of $745,000 dated December 30, 1975, was issued
<br />for the purpose hereinafter stated, to mature one year from date, to wit:
<br />December 30, 1976; and
<br /> WHEREAS, pursuant to Ordinance No. 77-76, passed December 20, 1976,
<br />notes in the aggregate principal amount of $745,000, dated December 30, 1976
<br />were issued to retire the then outstanding notes, which notes matured on
<br />December 30, 1977; and
<br /> WHEREAS, pursuant to Ordinance No. 74-77, passed December 19, 1977,
<br /> notes in the principal amount of $670,000, dated December 30, 1977, were
<br /> issued to retire the then outstanding notes, which notes matured on December
<br /> 30, 1978; and
<br /> WHEREAS, pursuant to Ordinance No. 117-78, passed December 18,
<br /> 1978, notes in the aggregate principal amount of $670,000 dated December 30,
<br /> 1978, were issued to retire the then outstanding notes, which notes matured
<br /> on December 28, 1979; and
<br /> WHEREAS, pursuant to Ordinance No. 80-79, passed November 19, 1979
<br /> a note in the principal amount of $670,000, dated December 28, 1979 was issued
<br /> to retire the then outstanding notes, which note is about to mature; 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 25 years and shat the maximum
<br /> maturity of notes issued in anticipation of said bonds is eight years from
<br />'December 30, 1975, or one year if sold privately; and
<br /> ~EREAS, 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 note 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
<br /> of the City of Lakewood in the principal amount of $670,000 for the purpose
<br /> of constructing a new indoor ice-skating rink.
<br />
<br /> Section 2. That said bonds shall be dated approximately December
<br />1, 1981, shall bear interest at the estimated rate of seven and one-half
<br />per centum (7-1/2%) per annum, payable semi-annually, until the principal
<br />sum is paid, and shall mature in 25 substantially equal annual installments
<br />after their issuance.
<br />
<br /> Section 3. That it is necessary and this Council hereby determines
<br />that notes in the principal amount of $670,000 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 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 />
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