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OIiI)INAIiCE ~'10. 61-70 B.Y: Messrs. Wendling, G~ydos,
<br /> Graber, ltuffman, Kelley, Ush
<br /> AN ]~'iERGENCY OllDIIlANCE to provide for thc issuance of note:; ':4ard
<br />of the City of Lakewood, Ohio, in anticipation of the issuance of bonds
<br />to pay costs of modernizing the L~lewood Hospital by remodeling and
<br />improving the existing building and constructing an addition thereto.
<br />
<br /> ~RF&S, pursuant to Ordinance Ilo. 79-66, passed October 19, 1966,
<br />notes in the aggregate principal ~o~t of $2,200,000 were issued to
<br />mature on or before one year from November 29, 1966; and
<br />
<br /> ~{EREAS, pursuant to Ordinance No. 66-67, passed November
<br />20, 1967, a note in the principal amount of $2,200,000 was issued to
<br />retire the above notes and to mature on or before one ye~r from November
<br />29, 1967; which note has matured; and
<br />
<br /> ~IEREAS, pursuant to Ordinance No. 84-68, passed November
<br />18, 1968, a note in the principal amount Of $2,200,000 was issued to
<br />retire the above note and to mature 'on or before one year from November
<br />29, 1968, which note has matured; and
<br />
<br /> %~4ER~S, pur, suant to Ordinance No. 77-69, passe~ November
<br />17, 1969, notes in the aggregate principal amount of $2,200,000 were
<br />issued to retire the kbove note and to mature on November 27, 1970,
<br />which notes are about to mature; and
<br />
<br /> ~tEREAS, there is now available $85,000 to be used to retire
<br />a portion of the notes which will mature on November 27, 1970; and
<br />
<br /> ¥~EREAS, this Council has heretofore.requested the Director
<br />of i'?inance to issue his certificate as to the estimated life.of the
<br />improvement and the maixm.um maturity bf the bonds hereinafter referred
<br />to and of the note to be issued in anticipation of said bonds, and the
<br />Director of Finance has certified to this Council such estimated life
<br />· as exceeding five years and has further certified the maximum maturity
<br />of such bonds as twenty-five years and of such note as five years from
<br />the date of the note first issued, namely, November 29, 1966,. or one
<br />year if sold privately; and ~
<br />
<br /> WHEREAS, this'Council by two-thirds vote of the members elected
<br />thereto determines that this ordinaRce is an emergency measure which
<br />is necessary for the immediate preservation, of the public peace, property,
<br />health and safety and for the further reason that the immediate issuance
<br />and sale of the note herein authorized is necessary to enable the City
<br />to preserve its credit by retirin~ an outstanding note of the City which
<br />is about to mature;
<br />
<br /> NOW, T~rE~EFORE, BE IT 0RDAII.~D by the Council of the City
<br />of Lakewood, Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue
<br />bonds of the City of Lakewood in the principal sum o£ $2,115,000 to
<br />pay costs of modernizin~ the Lakewood Hospital by remodeling and improving
<br />the existing building and constructing an addition thereto.
<br />
<br /> Section 2. That said bonds shall be dated approximately November
<br />l, 1971, shall bear interest at the estimated rate of six per centum
<br />· (6~) per annum, payable semi-annually, until the principal sum is paid,
<br />and-shall mature in twenty-five substantially equal annual installments
<br />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 $2,115,000 shall be
<br />issued in anticipation of the issuance of said bonds and to retire said
<br />existing notes which will m~ture on November 27, 1970.
<br />
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