41-75 BAN - Air pollution control equip for incinerator

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ORDINANCE 41-75 BY: Messrs. Chinnock, Graber, Msgnotto, McBride, Sinagra, Usher, Brockman AN EMERGENCY ORDINANCE to provide for the issuance of a note of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of acquiring and installing air pollution control equipment for the City's incinerator. WHEREAS, this Council, pursuant to Ordinance No. 23-73, passed February 20, 1973, issued a note in the principal amount of $800,000 for the purpose hereinafter stated which note matured and was renewed at matur- ity by a new note dated June 28, 1974, issued pursuant to Ordinance No. 55-74, passed June 17, 1974, which note is about to mature; and WHEREAS, this Council has determined to retire said outstanding note with the proceeds of t~e issuance of a.new note; and WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council such estimated life of the improvement hereinafter mentioned as exceeding five years and has further certified the maximum maturity of such bonds as twenty year~ and of such notes as five years, or one year if sold privately; and WHEREAS, there is now available the sum of $40,000 which is to be applied to the retirement of the outstanding note; and WHEREAS, 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 note herein authorized is necessary to enable the City to preserve its credit by renewing the outstanding note at maturity; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lake- wood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood ~n the principal sum of $760,000 for the purpose of acquiring and installing air pollution control equipment for the City's in- cinerator. Section 2. That said bonds shall be dated approximately February 1, 1976, shall bear interest at the estimated rate of six per centum (6%) per annum, payable semi-annually, until the principal sum is paid, and shall ma- ture in twenty substantially equal annual installments after their issuance. Section 3. That it is necessary and this Council hereby determines that notes in the principal amount of $760,000 shall be issued in anticipa- tion of the issuance of said bonds and to pay and retire the above-mentioned outstanding note. Section 4. That such anticipatory note in the amount aforesaid shall bear interest at a rate of four and ninety-five one-hundredths per centum (4.95%) per annum, payable at maturity. Such note shall be dated June 27, 1975 and shall mature on or before Friday, June 25, 1975.