58-82 Construct 5th fl of garage, bld bridge BAN

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health, safety and welfare in the City and for the further reason that the immediate issuance and sale of the notes herein authorized is neces- sary 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, Cuyahoga County, Ohio: Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $700,000 for the purpose of paying costs of constructing a fifth floor on the City's existing off-street parking garage and an enclosed pedestrian bridge connecting such garage and the City's hospital. Section 2. Said bonds shall be dated approximately August 1, 1983, shall bear interest at the estimated rate of twelve per centum (12%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty-one (21) substantially equal annual install- ments after their issuance. Section 3. It is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $700,000 shall be issued in anticipation of the issuance of said bonds for the above-described purpose and to pay and retire the outstanding notes. The Notes shall bear interest at such rate, not exceeding fifteen per centum (15%) per annum, as may be fixed by the Director of Finance in his certificate awarding the Notes at private sale, such interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a rate which shall not exceed fifteen per centum (15%) per annum until the principal sum is paid; shall be dated August 6, 1982; shall mature on August 5, 1983; shall not be subject to redemption by the City at any time prior to maturity, unless the original purchaser of the Notes requests that the -2-