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ORDINANCE HO.
<br />
<br />16-75
<br />
<br />By: Messrs. Chinnock, Graber', Magnotto, · McBride, Sinagra, Usher, Brockman
<br />
<br /> ;~ EMERGENCY O]iDINANCE to provide for the ~.[:su,:ucc. of
<br />Recreational F~cilities Notes, Series 1975-1, o[ the C:l.i.'.y of ]~ak~:wcmd, Ohio,.
<br />i~l anticipation of the issuance of bonds for t.lm purpo~a nf const~.,~ct!n~
<br />equipping a new indoor J ce--skat:tug rink, ac,lu:[rtn~ re::]. ,..~:;l:~:te ~n,~ ~'~:~.:~'e~
<br />therein as a part of the ~:ite thereof o. nd con~tructing a parking tot
<br />othe~ise improving the site.
<br />
<br /> WIIEREAS, this Council, pursuant to Or(!Jna~c<~ 1~o. ]0-7/;, F ....
<br />Jmmary 21, 1974, issued a note in thc pr~ncioal an~ount of .~"...',300,(~9~')
<br />the purpose hereinafter 'stated to mature on or before o~:.~ year f~:o'.~ t]~c da[v.
<br />of issuance, to wit: March 4, 1974; and
<br /> WIIEIlEAS, this Council b~s determi~cd to wet, re ~:aid
<br /> note with the proceeds of the issuance of four isL-:ucc of ~:?.w not~.:~ ~n thc
<br /> amounts and designated as follows:
<br />
<br /> $800,000 Recreat. ional Fgctlities Eotas, SarI~,'. 7_975--1,
<br /> $500,000 Recreational Facilities lfot~:s, Sari. c:; 1975-2,
<br /> $500,000 Recreational Facilities Notes, Seria~; 1975-3,
<br /> $500,000 Recreational Facilities Notes, Series 1975-~; and
<br /> ~]EIU~AS, this Council has heretofore requested the ]~:[rcg~'or of
<br /> Finance to issue his c~.,.~..~ic=te as to thc estimated life cf "~'~
<br /> and the maximum maturity of the bonds hereinafter referred to and of the
<br /> t.o be issued in anticipation of said bonds, ~md the Dir:~ctor of ]:j~ance
<br /> certified to this Council such estimated life as exceeding; five years and has
<br /> further certified the maximum maturity of such notes as five years, or one
<br /> year if sold privately; and
<br /> %~IEREAS, this Council by two-thirds vote of the members elected
<br /> thereto determines that this ordinance is an emergency measure which is nec-
<br /> essary for the immediate preservation of the public' peace, property, lmalth
<br /> and safety and for the further reason that the prompt ~ssuance and ~;ale of
<br /> the notes herein authorized is necessary to enable the City to pre:mrve its
<br /> credit by renewing the outstanding note at maturity;
<br /> NOW, TIIEREFOIIE, BE IT ORDAINED by the Com%cil of the City of Lake-
<br /> wood~ Cuyahoga County, Ohio:
<br /> Section 1, That it is hereby declared nece~.;~'.ary to Issue bonds of
<br /> the City of Lakewood in the principal amount of $800,000 for the purpose
<br /> of constructing and equipping a new indoor ice-skating rink, acquiring real
<br /> estate and interests therein as a part of the site thereof and constructing
<br /> a parking lot and othe~ise improving the site.
<br /> Section 2. That said bonds shall be dated approximately March 1,
<br /> 1976, shall bear interest at the estimated rate of s~x and one-half per
<br /> centum (6-1/2%) per annum, payable semi-annually, until the princi, pa] sum
<br /> is paid, and shall mature in twenty substantia].ly equ:~l annual installments
<br /> after their issuance.
<br /> Section 3. That it is necessary and this Co,mci] hereby deter-
<br /> mines that notes in the aggregate principal amount of $~00,000 shall be
<br /> issue'd in anticipation of the issuance of said bonds and to pay and retire
<br /> $800,000 of the' above mentioned outstanding note.
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