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ORDINANCE NO.
<br />
<br />11-76
<br />
<br />BY: Messrs. Salmon, Sinagra, Usher,
<br /> · ~rockman, Chinnock, Magnotto, McBride
<br />
<br /> AN E~RGENCY ORDINANCE to provJ, de for the issuance of notes of
<br />the City of Lakewood, Ohio, in anticipation of the issuance of bonds for
<br />the purpose of constructing and equipoing a new indoor ice-skating rink,
<br />acquiring real estate and interests therein as a part of the site thereof
<br />and constructing a parking lot and othem~ise improving the site.
<br />
<br /> Wq{EREAS, this Council, pursuant to Ordinance No, 10-74, passed
<br />January 21, 1974, issued a note in the principal amount of $2,300,000 for
<br />the purpose hereinafter stated, dated ~arch 4, 1.974 which notes were re-
<br />newed by the issuance, pursuant to Ordinances Nos. 16-75, 17-75, 18-75
<br />and 19-75 all adopted February 18, 1975, of a series of notes a~gregating
<br />in principal amount $2,300,000, dated March 4, 1975 which notes will ma-
<br />ture on March 4, 1976; and
<br />
<br /> WqlEREAS, the Director of Finance has certified the estimated.
<br />life of the improvement hereinafter mentioned is at least five years and
<br />has further certified the maximum maturity of the hereinafter mentioned
<br />bonds is twenty years and that the maximum maturity of notes issued in
<br />anticipation of said bonds is eight years from March 4~ 1974, or one
<br />year if sold privately; and
<br />
<br /> ~{EREAS, this Council by two-thirds vote of the m~mbers elected
<br />thereto determines that this ordinance is an emergency measure which is
<br />necessary for the immediate preservation of the public peace, property,
<br />health and safety and for the further reason that the prom, t issuance and
<br />sale of the notes herein authorized is necessary to enab]~e the City to
<br />preserve its credit by renewing the outstanding notes at maturity;
<br />
<br /> NOW, THEREFORE, BE IT OP~DAINED by the Council of the City of
<br />Lakewood, Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds
<br />of the City of Lakewood in the principal amount of $2,30~,000 for the pur-
<br />pose of constructing and equipping a new indoor ice-skating rink, acquir-
<br />ing real estate and interests therein as a part of the'site thereof and
<br />constructing a parkinglot and othe~Tise improving the site.
<br />
<br /> Section 2. That said bonds shall be dated approximately ~arch
<br />1, 1977, shall bear interest at the estimated rate of six and one-half
<br />per centum (6-1/2%) per annum, payable semi-annually, until the principal
<br />sum is paid, and shall mature in twenty substantially equal annual in-
<br />stallements after their issuance.
<br />
<br /> Section 3. That it is necessary and this Council hereby deter-
<br />mines that notes in the aggregate principal amount of $2,300,000 shall be
<br />issued in anticipation of the issuance of said bonds and to pay and retire
<br />the outstanding notes.
<br />
<br /> Section 4. That such anticipatory notes in the amount aforesaid
<br />shall bear interest payable at maturity at one or more rates not exceeding
<br />the maximum rate permitted hy law, provided that such notes may hear one
<br />or more different rates not exceeding the maximum rate permitted by law
<br />after maturity and until the principal sum is paid. Such notes shall be
<br />dated as of March 4, 1976 and shall mature one year from said date. Such
<br />notes shall be issued in such number and denomination as the purchasers
<br />thereof request.
<br />
<br /> Section 5. That such notes shall be executed by the >~avor and
<br />Director of Finance and bear the seal of the corporation. They shall be
<br />payable at the office of the Director of Finance, City Hall, Lakewood,
<br />Ohio, and shall express upon their face the purpose for which they are
<br />issued and that they are issued pursuant to this ordinance.
<br />
<br /> Section 6. Subject to the rejection of said notes by the Direc-
<br />tor of Finance for investment in the Bond P. etirement Fund, said note.~
<br />
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