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OI{DiNANC M NO. 3-71 BY:
<br />
<br />Messrs. Huffman, Kelley, Usher,
<br />Ward, Wendling, Gaydos, Graber
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of bonds of the
<br />City of L~kewood, Ohio, for the purpose of paying the costs of acquiring and
<br />improving real propert~ by clearing therefrom existing buildings thereon and
<br />constructing and equipping a structure for municipal off-street parking.
<br /> WHEREAS, this Council b~s heretofore ~equested the Director of Finance
<br />to issue his certificate as to the estimated life of the improvement snd the
<br />~%ximum maturity of the bonds hereinafter referred to and the Director of Finance
<br />has certified to this Council such estimated life as exceeding five years and
<br />has further certified the nm.ximum maturity of such bonds as twenty-four years; and
<br />
<br /> WHEREAS, in anticipation of the bonds hereinafter referred to, there
<br />was issued, pursuant to Ordinance No. 5-66, enacted by this Council ou January
<br />17, 1966, a note dated March l, 1966, iu the principal amount of $1,425,000,
<br />which note matured ou March l, 1967; and
<br />
<br /> WHEREAS, when said note matured on ~.~rch 1, 1967, there was available
<br />for and applied to the retirement of said note, $205,000, and new notes were
<br />issued, pursuant to Ordinance No. 10-67, enacted by this Council ou February 20,
<br />1967, dated March l, 1967, iu the aggregate principal amount of $1,220,000, which
<br />notes ~tured ou March 1,~ 1968; and
<br />
<br /> WHEREAS, when said notes matured on March l, 1968, there was available
<br /> for and applied to the retirement of said notes, .$80,000, and new notes were
<br /> issued, pursuant to Ordinance No. 4-68, enacted by this Council ou February 19,
<br /> 1968, iu the aggregate principal amount of $1,140,000, which notes matured
<br /> February 28, 1969; and
<br />
<br /> WHEREAS, when said notes matured on February 28, 1969, there was
<br /> available for and applied to the retirement of said notes, $115,000,' and a new
<br /> note was issued, pursuant to Ordinance No. 14-69,~ enacted by this Council ou
<br /> February 17, 1969, iu the principal amount of $1,025,000, which note matured .on
<br />'~ebru~ry 28, 1970; and
<br />
<br /> W~IE~S, ~ahen said notes matured on February 28, 1970, there was
<br />available for and applied to the retirement of said notes, ,.f~5,O00, and new
<br />notes were issued~ pursuant to Ordinance No. 10-70, enacted by this Council on
<br /> Februmry 16, 1970, in the aggregate principal amount of $900,000, which notes are
<br /> about to mature and it is now necessary to fund such notes at their maturity; and
<br />
<br /> WHERS~S, there is presently available for the retirement of a portion
<br />of the aggregate principal amount of the presently outstanding uotes,$100,O00,
<br />which will be applied to such retirement; 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 moneys must be immediately available so that the outstand-
<br />ing notes of the City my be retired at~eirn~xturity and thereby preserve that credit
<br />of the City; ~
<br />
<br /> NOW, T}~REFORE, BE IT OPJ)AINED 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 I~kewood iu the principal sum of ~00,000 for the purpose of p:~ying the
<br />costs of acquiring and improving real property by clearing therefrom existin~
<br />buildings thereon and constructing and equipping a structure for municipal off-
<br />street parking.
<br />
<br />
<br />
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