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PLACED ON 1st Reading & REFERRED TO
<br />FINANCE COMMITTEE ON 9/3/96.
<br />
<br />ORDINANCE NO. 36-96
<br />
<br />By: Boscia, Corrigan, Flannery,
<br /> George, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $220,000 1990
<br />Real Estate Acquisition Bond Anticipation Notes - 1995 Renewal of
<br />the City of Lakewood, Ohio, in anticipation of the issuance of
<br />bonds for the purpose of constructing roadways and installing
<br />water mains, sanitary and storm sewers and sidewalks and all
<br />necessary appurtenances thereto, improving sites for off-street
<br />parking of motor vehicles and a park and acquiring real estate
<br />therefor.
<br />
<br /> WHEREAS, this Council desires to exercise its powers
<br />pursuant to Sections 3, 7 and 10 of Article XVIII of the Ohio
<br />Constitution to acquire and improve real estate and issue the
<br />notes hereinafter authorized for such purpose; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 83-90 passed October
<br />1, 1990, this Council authorized the issuance of notes in
<br />anticipation of the issuance of bonds in the principal amount of
<br />$1,500,000 for the purpose hereinafter stated, which notes were
<br />dated October 10, 1990, and matured on October 10, 1991, which
<br />notes were retired with the proceeds of notes in the principal
<br />amount of $2,500,000, which notes were dated October 10, 1991 and
<br />matured on October 9, 1992, which notes were retired with the
<br />proceeds of notes in the principal amount of $2,500,000, which
<br />notes were dated October 9, 1992 and matured on October 8, 1993,
<br />which notes were retired with the proceeds of notes in the
<br />principal amount of $2,100,000, which notes were dated October 8,
<br />1993 and matured on October 7, 1994, which notes were retired with
<br />the proceeds of notes in the principal amount of $2,350,000, which
<br />notes were dated October 7, 1994 and were retired in part on
<br />May 10, 1995 with the proceeds of bonds in the principal amount of
<br />$2,075,000, which notes in the remaining principal amount of
<br />$275,000 matured on October 6, 1995, which notes were retired with
<br />monies in the amount of $55,000 and the proceeds of notes in the
<br />principal amount of $220,000, which notes are dated October 5,
<br />1995 and will mature on October 4, 1996; and
<br />
<br /> WHEREAS, the Council of the City has determined that
<br />the outstanding principal of said notes in the principal amount of
<br />$220,000 shall be funded by the issuance of new notes in
<br />anticipation of the issuance of bonds for the purpose hereinafter
<br />stated; and
<br />
<br /> WHEREAS, the Fiscal Officer has certified to this
<br />Council that the estimated life of the improvements hereinafter
<br />mentioned is at least five (5) years and has further certified the
<br />maximum maturity of the hereinafter mentioned bonds is at least
<br />twenty (20) 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;and
<br />
<br /> WHEREAS; this ordinance is an emergency measure which
<br />is necessary for the immediate preservation of the public peace,
<br />property, health, safety and welfare in the City and for the
<br />further reason that the immediate issuance and sale of the notes
<br />herein authorized is necessary to provide funds to retire the
<br />outstanding notes which are about to mature and thereby protect
<br />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. It is hereby declared necessary to issue
<br />
<br />
<br />
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