10-74 BAN - Construct indoor ice rink

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O~)INANCE NO. 10-74 By: Messrs. Chinnock, Graber, Magnotto, McBride, S£nagra, Usher, Brockman AH EHERCENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of constructing and equipping a new indoor ice-skating rink, acquiring real estate and interests therein as a part of the site thereof and constructing a parking lot and otherwise improving the site. WHEREAS, this Council has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the improve- merit and the maximum maturitY of the bonds hereinafter referred to and of the notes to be issued in anticipation of said bonds, and the Director of Finance has certified to this Council such estimated life as exceeding five years and has further certified the maximum maturity of such notes as five years, or one year if sold privately; and W~EREAS, this Council by two-third vote of the members elected thereto determines that this ordinance is an emergency m~asure which is necessary for the immediate preservation of the public peace, property, health and safety and for the further reason that the prompt issuance and sale of the notes herein authorized is necessary to provide urgently needed recreational facilities to promote the health and welfare of the residents of the City. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of'the City of Lakewood in the principal amount of $2,300,000 for the pur- pose of constructing and equipping a new indoor ice-skating rink, 'acquir- ing real estate and interests therein as a part of the site thereof and COnStructing a parking lot and otherwise improving the site. . Section 2. That said bonds shall be dated ~proximately March 1~ 1975, shall bear interest at the estimated rate of six per centum (61) Per annum,-payable semi-annually, until the principal tum is paid, and shall mature in twenty substantially equal annual installments after their issuance, Section 3.' That it is necessary and this Co~/ncil hereby deter- mines that a notes in the principal amount of $2,300,000 shall be issued in anticipation of the issuance of said bonds'. .. Section t. That said anticipatory notes tn the amount aforesaid Shall bear interest at a rate not to exceed six'per centum (6I) per annum, payable at maturity, and at a rate not to exceed eight per centum (8%) per annum aftermaturity, shall be dated the date of issuance and shall mature on or before one year from such date, and ~all be in the denomination and n,?hered as determined by the Director of ..nance. Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable at the office of the Director of Finance of the City of Lakewood, City Hall, Lakewood, Ohio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordi- llAnce · · Section 6. Subject to the rejection of said notes by the Direc- tor of Finance for investment in the Bond Retirement Fund, said notes shall be sold at the par value thereof by the Director of FinanCe at interest rates not exceeding those specified in this ordinance and in accordance, with the best interests and welfare of the City; and'the Director of Finance is hereby authorized and directed to deliver said notes, 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 notes are being issued under the provisions of this ordinance.