43-69 BAN - improve Lakewood Hospital

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ORDINANCE NO, 43-69 BY: Messrs. Graber, Huffman, Kelley, Usher, Ward, Wendling AN EMERGENCY ORDINANCE to provide for the issuance of a note of the City of Lakewood, Ohio~ in anticipation of the issuance of bonds to pay costs of modernizing the.Lakewood Hospital by remodeling and improving the existing building and providing equipment and interior construction for an addition thereto. WHEREAS, the Council of the City of Lakewood has heretofore by proper legislation determined to proceed with the improvement of the Lakewood Hospital hereinafter designated by the remodeling and improving the existin~ building and providing equipment and interior construction for an addition thereto; and .. WHERFAS, pursuant to Ordinance ~). 27-68, enacted by the Council of the City of Lakewood on May 6, 1968, a note in the amount of $900,000 dated June 18, 1968, was-issued for the p~ose hereinafter stated and will mature on 6r.~efore June 18, 1969; and WHERFAS, 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.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 provide a modern hospital facility with the ability to bring to its inhabitants the medical services necessary to safeguard the health of' the community; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewodd, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal s'um of $900,000 to pay costs of ~odernizing the Lakewood Hospital by remodeling and improving the existing building and providing equipment and interior construction for an addition Section 2. That said bonds shall be dated approximately June'l, 1970, shall bear interest at the estimated rat,-of, four and one-half per eentum (4-1/2~) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty substantially equal annual installments after their issuance. Section 3. That it is necessary and this Council hereby determines that a note in the principal amount of $900,000 shall be issued in anticipation of the issuance of said bonds. Section 4. That such anticipatory note shall bear interest at the rate of~ftve and one-quarter per centum (5-1/~) per annum, payable at maturity; sh-l~ be dated the 18thdaycf June, 1969, and shall mature on or before one year from such 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 Society National Bank. of Cleveland, Cleveland, 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 Retiremmnt Fund, said note shall be and hereby is awarded and sold to Society National Bank of Cleveland, Cleveland, Ohio, at the par value thereof and the Director 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.