68-67 BAN - Sewage Disposal Plant

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Messrs. Cain, Gaydos, ORDINANCE NO. 68 -6? BY: Huffman, Kelley, Usher Ward and Wendltng AN E~RGENCY ORDINANCE to provide for the issuance Of a note of the City of Lakewoo~, Ohio, in anticipation of the issuance of bonds for the purpose of recon- structing and expanding the City's sewage disposal plant with necessary appurte- nances thereto. WHEBEAS, at the regular election held on the 5th day of November, 1963, on the~ proposition of issuing bonds of the City of L~kewocd~ 0hio~ for the purpose herein- after stated, in the sum of $3,600,000~ and for levying taxes outside of the ten mill limitation to pay the interest and principal of such bonds, the requisite majority of those voting upon the proposition voted in favor thereof; and WHEREAS, Council determined that the bonds so authorized by the electors sho~'i be issued in one lot and that in order to facilitate prompt construction of the improvements to be financed tl~rebp5 notes should forthwith be issued in anti- cipation of the issuance of such bonds; and WHEBEA$, pursuant to Ordinance No. 87-63~ passed November ll~ 1963~ a note in the principal amount of $3~600,000~ dated December 2~ 1963, was issued in anticir pa~ion of said bonds, to mature on or before one year from date; and WHEREAS~ pursuant to Ordinance No. 90-64~ passed December R1, 1964~ a note in the principal amount of $~,600~000, dated Dec6mber 23, 1964~ was issued in antici- pation of said bonds, to mature on or before one year from date; and WHEREAS~ pursuant to Srdinance No. 88-65~ passed December20, 1965~ a note in the principal amount of $3~600,000, dated December R3~ 1965~ was issued in antici- pating of said bonds, to mature on or before December 23~ 1966; and ~tEBEAS~ pursuant to Ordinauce No. 87-66, passed December 19~ 1966, a note in the principal amount of $~,600,000~ dated December 23, 1966~ was issued in antici- pation of said bonds, to mature on or before one year from date; and WHEREAS~ $~00,000 of said outstanding note has been retired by the City~ leav- ing a balance due on said outstanding note of $3,~OO,O00; and WHERF~S~ to preserve the credit of the City it is essential to issua a new note in anticipation of the issuance of bonds to retire the aforesaid balance still due on such outstanding note; and WHEP~S~ Council has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the improvements and the maximum maturity oi the bonds hereinafter referred to and of the note to be issued in anticipation of said bonds, and the Director of Finance b~s certified to this Council such estimate~ 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 earliest date of issue of the original note, or one year if sold privately; and WHEREAS, this Council by two-thirds vote of the members elected thereto deter- mines that this ordinance is an emergency measure necessary for the preservation of the public peace, helath and safety of the City and its inhabitants and for the further reason that the issuance of said note is immediately necessary to provide funds to enable the City of Lakewood to retire its outstanding indebtedness and thereby preserve its credit~ NOW~ THEBEFOBE, BE IT ORDAINED 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~ voted as above recited, in the principal sum of $3~00~000 for the purpose of reconstructing and expanding the City's sewmge disposal plant with necessary appurtenances bhereto.