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ORDINANCE NO. 19-75
<br />
<br />By: Messrs. Sinagra, Usher, Brockman,
<br /> Chinnock, Graber, Magnotto, McBrid~
<br />
<br /> AN EI.tERGEMCY ORDINANCE to provide for the issuance of $500,000
<br />Recreation,~l FacilitJ. es Notes, Series 1975-4, of the City of Lakewood, Ohio,
<br />in anticipation of the issuance of bonds for thc purpose of constructing and
<br />equipping a new indoor ice-skating rink, acquiring real. estate and interests
<br />therein as a part of the site thereof and conatructing a parking lot and
<br />othe'rwise improving the site.
<br />
<br /> WIII~PJgAS, this Council, pursuant to Ordinance No. 10-74, par~sed
<br />January 21, ].974, issued a note in the principal amount of $2,300,000 for
<br />the purpose hereinafter stated to mature on or before one year from the date
<br />of issuance, to wit: March 4, 1974; and
<br />
<br /> %.~I}']ILEAS, this Council. has determined to retire said outstanding
<br />note with the proceeds of the issuance of four issues of new notes in the
<br />amounts and designated as follows:
<br />
<br />$800,000 Recreational Facilities Notes, Series 1975-1,
<br />
<br />$500,000 Recreational Facilities Notes, Series 1975-2,
<br />
<br />$500,000 Recreational Facilities Notes, Series 1975-3,
<br />
<br />$500,000 ReCreational Facilities Notes, Series 1975-4; and
<br />
<br />I,;HE?~EAS, this Council has heretofore requested t]~e Director of
<br />.Finance to issue his certificate as to the estimated ]~ife of the improvement
<br />and the maxi~um maturity of the bonds hereinafter referred to and of the notes
<br />to be iss~,cd in anticip;~tion of said bonds, and the 'Director of Finance has
<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 ycars~, or one
<br />year if sold privately; and
<br />
<br /> W]U']REAS, this Council by two-thirds vote of the members e].ected
<br /> thereto determines that this ordinance is an emergency measure which is nec-
<br /> essary for the immediate preservation of the public peace, property, health
<br /> and safety and for the further reaso,] that the prompt 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 />
<br /> NOW, T]]EREFORE, BE IT ORDAINED by the Council of the City 'of Lake-
<br /> wood, Cuyahoga County, Ohio:
<br />
<br /> Section'l. That it. is hereby declared necessary to issue bonds
<br /> of the City of Lakewood in the principal amount of $500,000 for the p~,rpose
<br /> of constructing and equipping a new indoor ice-skating rink, acquiring real
<br /> estatD and interests therein as a part of the site thereof and constructing
<br /> a parking lot and othen~ise improving the site.
<br /> Section 2. That said bonds shall be dated approximately }~arch 1,
<br /> 1976, shall bear interest at the estimated rate of six and one-half per
<br /> centum (6-1/2%) per annum, payable semi-annually, until the principal sum
<br /> ts paid, and shall mature in twenty substantially equal annual installments
<br /> after their issuance.
<br />
<br /> Section 3. That it is necessary and this Conncil hereby deter-
<br /> mines that notes in the aggregate principal a~nount of $500,000 shall be
<br /> issued in anticipation of the issuance of said bonds and to pay and retire
<br /> $500,000 of the above mentioned outstanding note.
<br />
<br />
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