66-67 BAN - Modernize Lakewood Hospital

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ORDLNANCE NO. 68-67 BY: Messrs. Gaydos, Kelle~, Usher, ward, Wendling AN E~GEEC¥ ORDINANCE to provide for the issuance of a note of the City of Iakewood~ Ohio, in anticipation off the issuance of bonds to pay costs of modernizzng the Lakewood Hospital by remodeling and improving the existing building and constructing an addition thereto. WHEREAS, pursuant to C~rdinance No. 79-66, passed October 19, 1966~ notes in the aggregate principal amount of $2~200,000 were issued to mature on or before one year frmn the date of the note first issued thereunder~ namely November 29, 1966~ which notes are about to mature; and WBER~A$~ this Council has heretofore requested the Director of Finance to issne his certificate as to the estimated life of the improve- ment 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 certified 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 from the date of the note first issued~ namely, November 29~ 1966~ or one year if sold privately; and W}~REAS, this Council by two-thirds vote of the member~ elected thereto dete~uines that this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace~ property, health and safety and for the further reason that the immediate issuance and sale of the note herein authorized is necessary to enable the City to preserve its credit by retiring outstanding notes of the City which are about to mature; NOW~ THEREF~RE~ BE IT OEDAINED by the Council of the City of Lakewood~ Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in 'the principal sum of $2,200,000 to pay costs of modernizing the Lakewood Hospital by remodeling and improving the existing building and constructing an addition thereto. Section 2. That said bonds shall be dated approximately November 1, 1968~ shall bear interest at the estimated rate of four per centum (~) per anuum~ payable semi-annually~ until the principal sum is paid, and shall mature in twenty-five substantially equal annual install- ments after their issuance. Section 3. That it is necessary and this Council hereby determines that a note in the principal amount of $2~2OO~000 shall be issued in an~;icipation of the issuance of said bonds and to retire said existing notes which will mature November 29, 1967~ Section 4. That such anticipatory.note shall bear interest at the rate of th~_a2~d four taB~hs per centum ( 3.4 ~) per annum~ payable at maturity; shall be dated N6vember ~9, 1967; and shall mature on or before one year from date. Section 5. That such note shall be executed by the Mayor and Director of Finance and bear the seal of the corporation; shall be payable at the office of the Director of Finance, City Hall, Lakewood, Ohio; and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 6. Subject to the rejection of said note by the Director of Finance for investment in the Bond Retirement Fund, said note shall be and hereby is awarded and sold to , at the par value 'thereof and the ~irector of Finance is hereby authorized and directed to deliver said note, 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 note is being issued under the provisions of this ordinance.