04-68 BAN - acquire & improve property for off street parking

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ORDINANCE N~= 4--~8 BY: Messrs. Gaydos, Graber, Huffman, Kelley, Usher, Ward A.N 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 acquirJ':g ~.nd. improvl~.:..~ real property by clearing therefrom existing buildings thereo~c aa0 construc'ting and equipping a structure for municipal off-street parking ~ WHE[~q~'.AS, this Council nas heretofore requested the Director of Finance to issue bls 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 bonos, 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 W~EREAS~ in anticipation of the bonds hereinafter referred to~ there was issued, pursuant to Ordinance No. 5-66, enacted by this Council on January 17, 1966~ a note dated March i, 1966, in the principal amount of $!,425,000, which note matured on March 1, 19673 and WHEREAS~ when said note matured on March z, ±957, 'there was available for and applied to the retirement of said note, $205,000, and new notes were issued, pursuant to Ordinance No. 1~-67~ enacted by this Council on February 20, 1967~ dated March 1~ 1967, in the aggrega-~.e principal amount of $1,220,000~ which motes are abc.3t to mature~: and WHEREAS~ there is presently svailable for the reqirement of a portion of the aggregate principal amount of the presently outstanding notes~ $80,0~0 which will be applied to such retirement; and %~HEREAS~ this Council by two-thirds vote of the members elected thereto determines that this ordinance 'ts an emergency measure which is necessary for the immediate preservation of the public peace~ property, health 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.. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal sum of $1,140,600 flor tt~ 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 1969~ shall bear interest at the estimated rate of four per centum (4~) per annum~ payable semi--annually~ until the 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 $1~140~$00 shall be issued in anti- cipation of the issuance of said bonds and to pay and retire the outstanding note dated March l, 1967~ Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at the rate of 3.6~ per anuum~ such interest to be payable at maturity. Such notes shall be dated M~rch 1.: !968~ and shall mature on or before February 28~ 1969. Said notes shall be issued, in such number and denomination as requested by purchaser~