10-67 BAN - clear property for off street parking

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ORDINANCE NO 10-67 BY: Messrs. Gaydos, Huffman, Kelley, Usher, Ward & Wendling AN EMERGENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds to pay the costs of acquiring and improving real property by clearing therefrom existing buildings thereon and constructing and equipping a structure for municipal off-street parking. WHEREA~, 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 notes to be issued in anticipation of said bonds, and the Director of Finance has certified to this Council such estimated life as exceeding five years and has further certified the maximum maturity of such bonds as twenty-four years and of such notes as one year if sold privately; and WHEREAS, there is now available for retirement of the outstanding note dated March 1, 1966 issued for such improvement the amount of $205,000; and WHEREAS, this Council by two-thirds vote of the members elected thereto determiner that this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, hea~th and safety and for the further reason that moneys must be immediately available so that the outstanding note of the City may be retired at its 'maturity and thereby preserve the credit of the City; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood, Cuyahoga County, Ohio: Section 1. Th&t it is hereby declared necessary to issue bonds of the City of Lakewood in the principal sum of $1,220,000 for the purpose of paying the costs of acquiring and improving real property by clearing there- from existing buildings thereon and constructing and~equipping a structure for municipal off-street parking. Section 2. That said bonds shall be dated approximately February 1, 1968, shall bear interest at the estimated rate of four per centum (4%) per annum, payable semi-annually, until principal sum is paid, and shall mature in twenty-four substantially equal annual installments after their issuance. Section 3. That it is necessary and this Council hereby determines that notes in the aggregate amount of $1,220,000 shall be issued in antici- pation of the issuance of said bonds and to pay and retire the outstanding note dated March 1, 1966. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at the rate of 3.22% per annum, such interest to be payable at maturity. Such notes shall be dated March 1, 1967, and shall mature one year from said date. Said notes shall be issued in such number and denomination as requested by purchaser.