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ORDINANCE NO. 2-76
<br />
<br />BY: Messrs. Chinnock, Magnotto, McBride,
<br /> Salmon, Sinagra, Usher, Brockman
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes of the
<br />City of Lakewood, Ohio, in anticipation of the issuance of bonds for the pur-
<br />pose of paying the costs of acquiring and improving rea]. property by clear-
<br />ing therefrom existing buildings thereon for the purpose of providing a site
<br />for the construction of a structure for municipal off-street parking.
<br />
<br /> WIIEREAS, pursuant to Ordinance No. 76-72, passed on December 4, 1972, a
<br />note in the principal amount of $700,000, dated January 18, 1973, has heretofore
<br />been issued to pay tile costs of said improvement, which note matured and was
<br />renewed at matt, rity by the issuance of a note in the principal amount of $700,000
<br />dated January 18, 1974, issued pursuant to Ordinance No. 3-74, passed on Janu-
<br />ary 7, 1'974, which note matured and was renewed at maturity by the issuance of
<br />the notes in the aggregate principal amount of $700,000, dated January 18, 1975,
<br />passed pursuant to Ordinance No. 3-75, passed January 6, 1975, and said notes
<br />are about to mature;
<br />
<br /> WHEREAS, there are now available moneys of the City to reduce said
<br />notes in aggregate principal'amount to $665,000 and this Council has determined to
<br />retire said outstanding notes at maturity by the issuance of new notes in the ag-
<br />gregate principal amount of $665,000
<br />
<br /> WHEREAS, this Council has heretofore requested the Director of
<br />Finance to issue his certificate as to the estimated life of the improvement
<br />and the maximum maturity of the bonds hereinafter referred to and of the notes
<br />to be issued in anticipation of said bonds, and the Director of Finance has
<br />certified to this Council such estimated life as at ].cast five years and has
<br />further certified tile maximum maturity of such bonds as twenty-nine years and
<br />of such notes as eight years, or one year if sold privately;
<br />
<br /> WHEREAS, th:is Council by two-thirds vote of tim members elected there-
<br />to determines that this ordinance is an emergency measure which is necessary for
<br />the immediate preservation of the public peace, property, health and safety and
<br />for the further reason that the immediate issuance and sale of the notes herein
<br />authorized is necessary to enable the City to preserve its credit by renewing
<br />the outstanding notes at maturity.
<br />
<br /> NOW, TttEREFORE, BE IT ORDAINED' by the Council of the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds of the
<br />City of Lakewood in the principal amount of $665,000 for tile purpose of paying
<br />the costs of acquiring and improving real property by clearing therefrom exist-
<br />ing buildings thereon for the.purpose o.f providing a site for the construction
<br />of a structure for municipal off-street parking.
<br />
<br /> Section 2. That said bonds shall be dated approximately January 1,
<br />1977, shall bear interest at the estimated rate of six per centum (6%) per annum,
<br />payable semi-annuall.y, until the principal sum i.s paid, and shall mature in
<br />twenty-nine substantially equal annual installments after their issuance.
<br />
<br /> Section 3. That is ts hereby declared necessary and this Council hereby
<br />determines to issue notes in the aggregate principal amount of $665,000 in antici-
<br />pation of the issuance of said bonds.
<br />
<br /> Section 4. That such anticipatory notes in the amount aforesaid shall
<br />bear interest at the rate o~ four ;1nd thirty-fiw~ one-hundrcdl:h~ per centum (4.35%)
<br />per annum, payable at maturity, shali be in tim dcnominat~ion m~d numbered as deter-
<br />mined by the Director of Finance, shall be dated January 1.6, .l. 976 and shall mature
<br />on January 14, 197l witli an option in the City to redeem such notes prior to matu-
<br />rity if satisfactory to the original purchaser of such notes.
<br />
<br /> Section 5. That such notes shall be executed by tile Mayor and Director of
<br />Finance and bear the seal of the corporation. They shall be payable at the office of
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