31-71 Issue bonds to remodel hospital

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ORDINANCE IlO. 31-71 Messrs. Upher, Ward, wendling, Gaydos, Graber, Huffman, Kelley AN ~.~ERG~ICY ORDINA2~CE to provide for the issuance of bonds of the City of Lakewood, Ohio, 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. YPz~REAS, 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 bonds herein authorized is necessary to enable the City to preserve its credit by retiring at their maturity the outstanding notes issued in anticipation of the bonds herein authorized; and WHERF~S, the City has heretofore issued $855,000 of its notes for the purpose of paying the costs of modernizing Lakewood Hospital by remodeling and improving the existing building and providing equipment and interior construction for an addition thereto, which will mature on June 18, 1971, and it is now necessary to fund such notes at their maturity; and WHEREAS, there is now available a sum of at least $55,000 surplus and such $55,000 is therefore to be applied to the retirement of the prin- cipal of such notes; and WEERFAS, the Director of Finance, as Fiscal Officer, has certified that the maximum maturity of the bonds proposed to be issued and the estimated life of the improvements described hereinafter is not less than twenty years; NOW, THER~ORE, BE IT 0RDAI!~ED by the Council of the City of Lakewood, in the County of Cuyahoga and State of Ohio: Section 1. That it is deemed necessary to issue bonds of said City for the purpose of paying costs of modernizing Lakewood Hospital by remodeling' and improving the existing building and providing equipment and interior construction for an addition thereto. Section 2. Said bonds in the principal sum of $800,000 shall be issued in the denomination of $5,000 each;'sh~ll be numbered from 1 to 160, both inclusive, and shall be dated June 1, 1971. Said bonds shall bear interest at the rate of four =er centum (h?) per annum, payable December 1, 1971 and semiannually thereafter on the first day of June and the first day of December of each year, until the principal sum is paid; provided, however, that if said bonds are sold bearing a different rate of interest than here- inabove specified, then the same bonds shall bear such rate of interest as 'm~y be provided in the resolution of Council approving the award thereof. Said bonds shall mature as follows: