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ORDINANCE NO. 67-87
<br />
<br />By: Brown, Chinnock, Gallagher,
<br /> Graham, McBride, Salmon, Wendling
<br />
<br /> AM EMERGENCY ORDINANCE to provide for $1,140,000 Foster Pool
<br />Improvement Bond Anticipation Notes - 1987 Renewal of the City of
<br />Lakewood,Ohio, in anticipation of the issuance of bonds, for the purpose
<br />of paying the costs of improving swimming pool facilities at Foster Pool
<br />by rehabilitating and equipping the existing bath house, replacing the
<br />pool drainage system, pool decking, wading pool and filtration system
<br />and improving the site thereof.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 76-86 passed July 21, 1986,
<br />the Council of the City authorized notes in anticipation of the issuance
<br />of bonds in the principal amount of $1,200,000 for the purpose
<br />hereinafter stated, which notes are dated August 26, 1986 and will
<br />mature on August 26, 1987; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the improvements
<br />hereinafter mentioned is at least five (5) years and has further
<br />certified the maximum maturity of the hereinafter mentioned bonds is
<br />twenty-one (21) years and that the maximum maturity of notes issued in
<br />anticipation of said bonds is twenty (20) years from the date of
<br />issuance of the original notes, or one (1) year if sold privately; and
<br />
<br /> WHEREAS, the Council of the city has determined that $60,000
<br />is now available to apply against the principal of said notes and that
<br />after the application of said $60,000 to the payment thereof, the
<br />remaining outstanding principal of said notes (to wit, $1,140,000) shall
<br />be funded by the issuance of new notes in anticipation of the issuance
<br />of bonds for the purpose hereinafter stated; 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 the City and for the further reason that
<br />the immediate issuance and sale of the notes herein authorized is
<br />necessary to provide funds to retire the outstanding notes which are
<br />about to mature and thereby protect the credit of the City;
<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 $1,140,000 for
<br />the purpose of paying the costs of improving swimming pool facilities at
<br />Foster Pool by rehabilitating and equipping the existing bath house,
<br />replacing the pool drainage system, pool decking, wading pool and
<br />filtration system and improving the site thereof.
<br />
<br /> Section 2. That said bonds shall be dated approximately
<br />August 1, 1988, shall bear interest at the estimated rate of ten per
<br />centum (10%) per annum, payable semi-a~nually, until the principal sum
<br />is paid, and shall mature in twenty-one (21) substantially equal annual
<br />installments after their issuance.
<br />
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