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ORDINANCE NO. 77-69
<br />
<br />By:Messrs. Usher, W~rd, Wendling,
<br /> Gaydos, Graber, Huffman, Kelle,
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes of the
<br />City of Lakewood, Ohio, in anticipation of the issuance o£ bonds to pay costs
<br />of modernizing the Lakewood Hospital by remodeling and improving the existing
<br />building and constructing an addition thereto.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 79-66, passed October 19, 1966,
<br />notes in the aggregate principal amount of $2,200,000 were issued to mature
<br />on or before one year from November 29, 1966, and
<br />
<br /> %UHERFAS, pursuant to Ordinance No. 66-67, passed November 20, 1967,
<br />a note in the principal amount of $2,200,000 was issued to retire the above
<br />notes and to mature on or b~fore one year from November 29, 1967, which note
<br />has matured; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 84-68 passed November 18, 1968,
<br />a note in the principal amount of $2,200,000 was issued to retire the above
<br />note and to mature on or before one year from November 29, 1968, which note
<br />is about to mature; and
<br />
<br /> WHEREAS, this Council has heretofore requested the Director of
<br />Finance to issue his certificate as to the estimated life of the improvement
<br />and the maximum maturity of the bonds hereinafter referred to and of the
<br />note to be issued in anticipation of said bonds, and the Director of Finance
<br />has certified to this Council such estimated life as exceeding five years and
<br />has further certified the maximum maturity of such bonds as twenty-five years
<br />and of such note as five years from the date of the note first issued, namely,
<br />November 29, 1966, or one year if sold privately; and
<br />
<br /> WHEREAS, this Council by two-thirds vote of the members elected thereto
<br />determines that this ordinance is an emergency measure which is necessary for the
<br />immediate preservation of the public peace, .property, health and safety and for
<br />the further reason that the immediate issuance and sale of the note herein
<br />authorized is necessary to enable the City to preserve its credit by retiring
<br />an outstanding note of the City Which is about to mature;
<br />
<br /> NOW, THEREFORE, BE IT ORDAIneD by' the Council of the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds of the
<br />City of Lakewood in the principal sum of $2,200,000 to pay costs of modernizing
<br />the Lakewood Hospital by remodeling and improving the existing building and con-
<br />structing an addition thereto.
<br />
<br /> Section.'2. That said bonds shall be dated approximately Movember 1,
<br />1970, shall bear interest at the estimated rate of five per centum (54) per
<br />annum, payable semi-annually, until the principal sum is paid, and shall mature
<br />in twenty-five substantially equal annual installments after their issuance.
<br />
<br /> Section 3. That it is necessary and this Council hereby determines
<br />that notes in the aggregate principal amount of $2,200,000 shall be issued in
<br />anticipation of the issuance of said bonds and to retire said existing note
<br />which Will mature November 29, 1969.
<br />
<br /> Section 4. That such anticipatory notes shall bear interest at the
<br />rate of Fiveand ninety-hundredths per centum ( ~,90%) per
<br />annum, payable at maturity; shail be dated November 28, 1969; shall be in such
<br />number and denomination as the purchaser may request; and shall mature on
<br />Novembcr 27, 1970.
<br />
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