89-58 Automobile Parking System Revenue Bonds

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ORDINANCE N0.89__-58 BY: Messrs. Fairgrieve, Gaydos, Gottermeyer, Lawth~ Chockley, Fahrenba( Au ordinance providing for the issuance of $250~O00 Automobile Parking System Revenue Bonds, Series C, of the City of Lakewood for the purpose of improving the municiPal parking system to be secured by the indenture dated as of December l, 1953~ with The Cleveland Trust Company and the supplemental indenture herein authorized~ to authorize execution of a supplemental indenture; to provide in event of default for appointment of a receiver; and to declare an emergency. WHEREAS~ traffic congestion upon the streets and highways of the City of Lakewood (herein called the "City") and the existing inadequacy of off-street parking space to relieve such congestion have reached such a point as to re- quire in the judgment of Council, the acquisition, construction or improvement of municipal off-street parking facilities for motor vehicles~ which facili- ties will serve a public municipal pttrpose; and WHEREAS~ the City has heretofore established, and mayhereafter estab- llsh, parking spaces and meters on many of its streets (herein called "on- street parking facilities") for the purpose of controlling and regulating the use of such streets for motor vehicle parking, which facilities have been supplemented by, and are to be, or may be, further supplemented by reve- nue producing municipal parking lots or structures (herein called "off-street parking facilities")~ all together constituting the City's Parking System, and both on-street and off~street parking facilities being herein called col- lectively "Parking System Facilities"$ and WHEREAS~ for the purposes aforesaid the City proposes to acquire~ im- prove and develop for metered off°street parking Of motor vehicles the following additional lots and premises~ the acquisition~ improvement and development of which is herein called the "Project": First Lot. To contain an estimated 100 metered parking spaces and de- scribed as follows: Situated in the City of Lakewood, County of Cuyahoga and State of Ohio and consisting of the lots known as: A part of 1382-8~ all of the following lots: 1374-76 138o 1373-75 1377-79 1381 138~-87 St. Charles Avenue~ and St. Charles Avenue St. Charles Avenue Warren Road Warren Road Warren Road Warren Road and being part of Original Rockport Township Section No. 22~ and being all of Sublots Nos° 152~ 153~ 154~ 245, 296 and the northerly 30 feet of Sublot No. of Lakewood Park Subdivision and other land and is more fully described as follows: