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ORDINANCE NO. 3 -81 By:
<br />
<br />McBride, Salmon, Wendling, Brown,
<br />Chinnock, Gallagher, Graham
<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 constructing and equipping a new indoor ice-skating rink, acquiring
<br />real estate and interests therein as a part of the site thereof and construct-
<br />ing a parking lot and otherwise improving the site.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 10-74, passed January 21, 1974,
<br />a note in the principal amount of $2,300,000, dated b~rch 4, 1974, maturing
<br />on or before one year from date, was issued for the purpose hereinafter
<br />stated, which note matured on b~rch 4, 1975; and
<br />
<br /> WHEREAS, pursuant to Ordinances Nos. 16-75, 17-75, 18-75 and 19-75,
<br />all passed February 18, 1975, notes in the aggregate principal amount of
<br />$2,300,000 dated P~rch 4, i975, maturing on or before one year from date,
<br />were issued to retire the then outstanding note, which notes mature on
<br />}~rch 4, 1976; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 11-76, passed February 16, 1976,
<br />notes in the aggregate principal amount of $2,300,000, dated March 4, 1976,
<br />maturing one year from date, were issued to retire the then outstanding notes,
<br />which notes matured on March 4, 1977; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 9-77, passed February 22, 1977,
<br />a note in the principal amount of $2,300,000, dated March 4, 1977, maturing
<br />on or before one year from date, was issued to retire the then outstanding
<br />notes, which notes matured on March 3, 1978; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 19-78, passed February 21, 1978,
<br />a note in the principal amount of $2,300,000, dated March 3, 1978, maturing
<br />on or before one year from date, was issued to retire the then outstanding
<br />note, which note matured on March 2, 1979; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 16-79, passed February 5, 1979,
<br />a note in the principal amount of $2,285,000, dated March 2, 1979, maturing
<br />one year from date, was issued to retire the then outstanding note, which
<br />note matured on February 29, 1980; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 15-80, passed February 19, 1980,
<br />a note in the principal amount of $2,285,000, dated February 29, 1980, 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 /> %CHEREAS, there are now available funds of the City in the amount
<br />of $115,000 which this Council has determined to appropriate and apply to
<br />the payment of said outstanding note; 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 years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is eight years from
<br />March 4, 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 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 tile 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 $2,170,000 for the purpose of
<br />
<br />
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