70-53 Automobile Parking System Revenue Bonds

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Cmdinance < ORDENANCE NQ. ~-53 BY ngr. Vickery Providing for .Automobile Parking System Revenue Bonds of the City of Lakex+bdd and for the i.esuance of a first installment th@reof of ~1~~b00 grin£ipal amount, a3,1 for the purpose of acquiring sitesafor and laying.. out, establishing and construct® ing thereon municipal off-street parking .facilities for motor vehicles; to provide for the payment of said bonds from, and the securir;g thereof by indenture of .pledge of revenues derived from all parking faciii#~ies of the City; 'to provide in event of default for the appointment of a receiver; and to declare an emergengy, WI~ERFAS, traffic congestion upon the streets and highways of the City of Lakewoac( and the existing inadequacy of off-street parking space within business areas to relieve such congestion have reached such a point as to require, in the jud~te{st of Council9 the establishment, construc'ti.on and operation in such areas of municipal off.-street parking facilities for motor vehicles; and WHER~AS~ the City has heretofore established parking spaces and. meters on many,o~P its streets. (hereinafter called 'bn street parking facilities") fox the purpose of controlling and regula'sing the use of such streets for motor vehicle parkingi which facilities it is essential to supplement, particularly for shopper: and business parking, with municipal parking lots (hereinafter called "off street parking facilities"y both types of facilities being hereinafter called collectively "Parking System Facilities"); ar}d WHEREAS, to provide such off street parking facilities the City (a) has here. tofore acquired, established and is :now operating a municipal parking lot known as the Wilson School Lath being a parcel of land lying between Warren Rood and ate Charles Avenue and. more particularly described in C3rdinance No, 4761 of the City, containing 117 parking spaces and meters for the acquisition o£ which the City has advanced from other funds the sum of X35,000 in anticipation of reimbursement from tke proceeds of the bonds ke rein provided for, and (b) now proposes to agqusre, improve and develop for metered off street parking (the creatign of sµch additiaaal off street parking facilities being herein called th=. "Pro,ject"), one or all of ttte follpwing lotsa Lot 1. tying between Ivarren Road and Cook Avenue, to contain an estimated 93 metered parking spaces and described as follows: Sublots 151,_150 and 149 in the Lakewood Realty Company°s Lakewood Park" Subd.vis}on as shown by plat recorded in Volume 27, page 26, Cuyahoga County Record of Maps. The. northerly 16.61 feet of sublot 52 plus the 10 feet of the southerly portion of sublot 51. The northerly 30 feet of sublot 51 plus the 20 Peet of the southerly portion of sublot 50. The northerly 20 feet of sublot 50 plus the 11t feet of the southerly portion of sublot 49 as found in the Chas. Cook Subdvi.sipn Vo].. 25, page 2, L~yahoga County Record of Maps. Lot 2. Lying between Marren Road and St. Charles Avenue, to contain a9 estimated 9!t metered parking spaces and described as follows