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ORDINANCE NO. 50-65 BY:
<br />
<br />Messrs. Cain, Gaydos,
<br /> Huffman, Usher,
<br /> Ward, Bennett.
<br />
<br /> AN EMERGENCY ORDINANCE authorizing the issuance of $1,8OO,000
<br />Hospital Improvement Bonds of 1965, of the City of Lakewood, Ohio, for the
<br />purpose ofmodernizing the Lakewood Hospital by remodeling and improving
<br />the existing building and constructing an addition thereto, acquiring real
<br />estate and interests therein and furniture, furnishings and equipment and
<br />providing off-street parking facilities and site improvements.
<br />
<br /> WHEREAS, this Council by two-thirds vote of the membere elected
<br />thereto determines that this ordinance is au emergency measure which is
<br />necessary for the ~mmediate preservation of the public peace, property,
<br />health and safety and for the further reason that the modernization of the
<br />hospital must immediately proceed and thereby make available facilities for
<br />the care and treatment of the residents of the City; and
<br />
<br /> WHEREAS, pursuant to resolutions heretofore adopted by this Council
<br />an election ~s held on November 3, 1964, upon the question of issuing bonds
<br />for the purpose of modernizing the Lakewood Hospital by remodeling and improv-
<br />ing the existing building and constructing an addition thereto, acquiring
<br />real estate and interests therein and furniture, furnishings and equipment
<br />and providing off-street parking facilities and site improvements in the
<br />amount of $1,800,OO0 and of a levy of taxes outside of tax limitations to
<br />pay the principal of and interest on such bonds; and
<br />
<br /> ~HEREAS, at said election the requisite majority of those voting
<br />upon the proposition voted in favor thereof and this Council now proposes
<br />to proceed with the issuance of said bonds; and
<br />
<br /> WHEREAS~ this Council confirms its determination to proceed with the
<br />modernization of the Lakewood Hospital as hereafter mentioned;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood,
<br />Cuyahoga County, State of Ohio:
<br />
<br /> Section t. That it is necess~ to issue the bonds of the City of
<br />Lakewood in the principal amount of $1,800,000 for the purpose of modernizing
<br />the Lakewood Hospital by remodeling and improving the existing building and
<br />constructing an addition thereto, acquiring real estate and interests therein
<br />and furniture, furnishings and equipment and providing off-street parking
<br />facilities and site improvements; that such bonds shall be issued in one lot;
<br />and that notes chall not be issued in anticipation of the issuance of said
<br />
<br /> Section 2. That said bonds shall be in the denomination of $5,000
<br />each, shall be numbered from i to 360, both inclusive, shall be dated the
<br />first day of July, 1965, and shall bear interest at the rate of three
<br />per centum (3~) per annum, payable semi-annually on the first day of June
<br />and the first day of December of each year until the principal sum is paid,
<br />commencing June l, 1966, as evidenced by the coupons attached thereto; pro-
<br />vided, however, that if the bonds are sold bearing a different rate of
<br />interest than herein specified, such bonds shall bear such rate of interest
<br />as may be provided in the resolution of Council approving the award thereof.
<br />Such bonds shall mature as follows: $90,000 on December I in each of the
<br />years from 1966 to 1985, inclusive, which maturities are hereby determined
<br />to be in substantially equal annual instal/ments.
<br />
<br /> Section 3. Said bonds shall be signed by the Mayor and Director of
<br />Finance, provided, however, that one of such signatures may be a facsimile,
<br />and shall bear the corporate seal of said City. The interest coupons attached
<br />to said bonds shall bear the facsimile signature of the Director of Finance
<br />printed or lithographed thereon. They shall be designated "Hospital Improve-
<br />ment Bonds of 1965", and shall be payable in lawful money of the United States
<br />of America at the office of the legal dcposita~'y of the City, presently The
<br />
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