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ORDINANCE NO. 6 6- 81
<br />
<br />By:
<br />
<br />Brown, Chinnock, Gallagher, Graham,
<br />McBride, Salmon, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes
<br />in the City of Lakewood, Ohio, in anticipation of the issuance of bonds
<br />for the purpose of paying costs of constructing a fifth floor on the
<br />City's existing off-street parking garage and an enclosed pedestrian
<br />bridge connecting such garage and the City's hospital.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 46-74, passed March 20,
<br />1974, a note in the principal amount of $1,000,000, dated August 29,
<br />1974 was issued, which note was renewed annually, the most recent renewal
<br />being pursuant to Ordinance No. 56-80, passed July 21, 1980, which notes
<br />were in the amount of $950,000 and were dated August 22, 1980 and mature
<br />on August 21, 1981; and
<br />
<br /> WHEREAS, the amount of $50,000 is now available to apply
<br />against the principal of said notes; and
<br />
<br /> WHEREAS, this Council has determined that the remaining amount
<br />outstanding, to wit: $900,000, shall be funded by the issuance of new
<br />notes in anticipation of the issuance of bonds; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the improvement
<br />hereinafter mentioned is at least five (5) years and has further certi-
<br />fied the maximum maturity of the hereinafter mentioned bonds is twenty-
<br />two (22) years, that the maximum maturity of notes issued in anticipa-
<br />tion of said bonds is eight (8) years from August 29, 1974, or one (1)
<br />year if sold privately and the maximum principal amount of said notes is
<br />$920,000; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which is
<br />necessary for the immediate preservation of the public peace, property,
<br />health, safety and welfare in th~ City and for the further reason that
<br />the immediate, issuance and sale of the notes herein authorized is neces-
<br />sary to enable the City to retire the outstanding notes at maturity and
<br />thereby preserve the City's credit;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue
<br />bonds of the City of Lakewood in the principal amount of $900,000 for
<br />the purpose of paying costs of constructing a fifth floor on the City's
<br />existing off-street parking garage and an enclosed pedestrian bridge
<br />connecting such garage and the City's hospital.
<br />
<br />
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