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O,'II.)II'~ANCE NO. 18-75
<br />
<br />By: Messrs. Usher, Brockman, Chinnock,
<br /> Graber, Magnotto, McBride, Sinagra
<br />
<br /> Alt EIiEIICENCY OR1)INANCE to prov:ide for thc ~..';auance of $500,000
<br />Recreational I'aci]itico Note~, Se~ie~; 1975-3, of tl~e City of Lakewood, Oh~.o,
<br />in, a]~ticipation of thc issuance of bonds for the purpo~c of con~tructing and
<br />cq~Ipping ancw indoor icc--~,kating rink, acq,Jrin~: real estate and interests
<br />therein' as a part of the site thereof and constructing a parking lot and
<br />otherwise imprevi]]g the site.
<br />
<br /> ¥~1E1..].;,o, tb ..... Cotmcil, pursuant to Ordinar~c~ No. 10...7;~, passed
<br />J~'.n%~ary 21, 1974, ir~sued a note in the prJl~cJ, pal ;lr.lo%,~,t of $2,300,000 for
<br />thc purpose hereJ.nafter stotcd to mature on or bcforc ~,ne year from the date
<br />of iss,ance, to wit: l.b~rch 4, 197Z~; and
<br /> 1.~]EREAS, this Co,ncii has determined to retire sai~] outstanding
<br />note wltb the proceeds of the is[~uance of J:our tss~w:~.: of new notes in thc
<br />c~ounts o~d designated as follows:
<br />
<br /> Sg00,O00 Recreational Facilitic~; ]'~otcs, Sar.Les 1975-1,
<br /> $500,C00 ~IccrcctJ.onal F~:cilJ.~:i('~.; l:otes, Seri[:s 1975--2,
<br /> $500,000 Recreational Facilit~.es }~otes, SL, r[,"o 1975-.3,
<br /> $500,000 Recreational Facilities Notes, Series 1975-4; and
<br /> %~R{EREAS, th~s CouncJ. 1 h;~s heretofore rcque:;tcd the Director of
<br /> Finance to issue his certificate as to the estimated life of tb[~ improveme~t
<br /> and the maximum maturity of the builds hnreinafter referred to ;~nd of the notes
<br /> to be issued in anticipation of s~J.d bonds, and th~ Director of Finance
<br /> certified to-this Council such estimated life as c::ccadin~ five years and has
<br /> further certified the maximum maturity of such notes as five years, or one
<br /> year if sold private].y; and
<br />
<br /> %~1E~iAS, this Council by two-thirds vote of the members elected
<br /> .thereto determines that this ordinance is an emer~e;~cy measure which is nec-
<br /> essary for the immediate preservation of the public peace, property, health
<br /> and safety and for the further reason that: the pronpt issuance and sale of
<br /> the notes herein authorized is necessary to enable the City to preserve its
<br /> credit by renewing the outstanding note at maturity;
<br /> NOW, THEP. EFORE, BE IT OIU)AINED by the Council of the City of Lake-
<br /> wood, Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared nec<'~sary to issue bonds
<br /> of the City of Lakcwood in the principal amount of 55~,0,000 for the purpose
<br /> of construct{ag and equipping a new indoor icc-skatf~C 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 b'e' dated approxJ.mately March 1,
<br /> 1976, shall bear ~nterest at the estimated rate of six and one-half per
<br /> centum (6-]./2%) per annum, payable semi-annually, until the principal sum
<br /> is paid, and shall mature in ~enty substantially cq,al annual installments
<br /> after their issuance.
<br />
<br /> Sect]on 3. That it ~.s necessary and thtm Co,mail hereby deter-
<br /> ~ncs that notes in the aggregate principal amount ~' $500,000 shall be
<br /> issued in anticipation of the issuance of said bond~ and to pay and retire
<br /> $500,000' of the above mentioned outstanding note.
<br />
<br />
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