104-81 Issue bonds for indoor skating rink

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ORDINANCE NO. 104-81 By: Brow~, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE to provide for the issuance of $2,840,000 bonds of the City of Lakewood, Ohio, for the purpose of constructing and equipping a new indoor ice-skating rink, acquiring real estate and in- terests therein as a part of the site thereof and constructing a parking lot and otherwise improving the site. WHEREAS, there is presently outstanding a $670,000 Recreational Facilities Note issued pursuant to Ordinance No. 80-80, which note matures on December 24, 1981, and a $2,170,000 Recreational Facilities Note issued pursuant to Ordinance No. 8-81, which note matures on or before February 26, 1982; and WHEREAS, this Council has determined it necessary to issue the bonds herein authorized to provide funds to retire said notes a~ maturity~ and WHEREAS, the Director of Finance, as fiscal officer, has certi- fied to the maximum maturity of the bonds proposed to be issued and as ~o the estimated life of the improvements so constructed; and WHEREAS, this Council by two-thirds (2/3) vote of the members elected thereto determines that this ordinance is~ an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare and for the further reason that the immediate issuance and sale of the bonds herein authorized is necessary to enable the City to retire the outstanding notes at maturity and thereby preserve the City's credit; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood: Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $2~840~000 for the purpose of constructing and equipping a new indoor ice-skating rink, acquiring real estate and interests therein as a part of the site thereof and constructing a parking lot and otherwise improving the site. Said bonds shall be issued in one lot and notes have been issued in anticipation of said bonds. Section 2. Said bonds shall be dated December 1, 1981; shall be numbered from 1 to 568, both inclusive; shall be of the denomination of $5,000 each; and shall bear interest at the rate of ten and one-half per centum (10-1/2%) per annum, payable semi-annually on the first day of June and the first day of December of each year, beginning June 13 1982, until the principal sum is paid; provided, however, that if the bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bonds shall mature as follows: $155,000 on December 1 in each of the years from 1983 to 1990, inclusive; and $160,000 on December 1 in each of the years from 1991 to 2000, inclnsive; whish maturities are hereby determined to be in substantially equal annual installments. Section 3. Said bonds shall express upon their faces the purpose for which they are issued and that they are issued in pursuance of this ordinance; shall be designated "Recreational Facilities Bonds"; shall be