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ORDINANCE NO. 49'-66 :BY: Kelley, I~ard, AN EMERGENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood: Ohio, in anticipation of the issuance of bonds for the purpose of constructing a municipal garage for housing and repairing vehicles of the Department of Public Works. WHEREAS, this Council has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the improvement and the maximum maturity of the bonds hereinafter referred to and of the note to be issued in anticipation of said bonds, and the Director of Finance has cert~ fled to this Council such estimated life as exceeding five years and has further certified the maximum maturity of such bonds as twenty-five years and of such note as five years~ or one year if sold privately; and WBEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the immediate issuance and sale of the notes herein authorized to enable construction of the City's garage to commence immediately so that the garage will be available by the date on which the City must deliver occupancy of its existing garage and~ thereby avoid damage from storage of vehicles in the open and increase costs as a result of the absence of facilities for repair of vehicles; NOW~ THERE~ORE~ BE IT ORDAINED by the Council of the City of Lakewood~ ~uyahoga ~ounty~ Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal sum of $272~000 for the purpose of con- structing a municipal garage for housing and repairing vehicles of the Department of Public Works. Section 2. That said bonds ahall be dated approximately July 1~ 1~67, shall bear interest at the estimated rate of four per centrum (4~) per annum~ payable semi-annually, until the principal sum is paid~ and shall mature in twenty-five substantially equal annual installments after their issuance. Section ~. That it is necessary and this Council hereby determines that notes in the aggregate principal amount of $272,000 shall be issued in anticipation of the issuance of said bonds. Section 4. That said notes shall be executed and issued at such time or times as may be found by the Director of Finance of this City to be necessary to meet the obligations incurred by this Council for the said improvement; such notes shall be executed in a series and in such number and denomination as determined by the Director of Finance; shall bear interest at the rate of two and three-fourths per centum (2 3/4%) per annum, payable at maturity; shall be dated the date of their respective issuance; shall mature on or before one year from the date of the first note issued here- under; and shall be numbered consecutively commencing with No. 1. Section 5. That such notes shall be executed by the Mayor and Director o~ Finance and bear the seal of the corporation. They shall be payable at the office of The Union ~ommerce Bank~ Cleveland~ Ohio~ and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of said notes by the Director of Finance for investment in the Bond Retirement Fund~ said notes shall be and hereby are awarded and sold to The Union Commerce Bank~ Cleveland~ Ohio~ at the par value thereof and the Director of Finance is hereby authorized and directed to deliver said notes, when executed, to the purchaser upon payment of such purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued under the provisions of this ordinance.