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ORDINANCE NO. 76-76 By:
<br />
<br />Messrs. Chinnock, McBride, Salmon,
<br />Sinagra, Usher, Brockman
<br />
<br /> AN'E~IERGENCY ORDINANCE to provide for the issuance of notes of the
<br />City of~ Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose
<br />of paying costs of constructing and reconstructing storm and sanitary sewers to-
<br />gether with the necessary appurtenances thereto.
<br />
<br /> WHEREAS, there has heretofore been issued pursuant to Ordinance No.
<br />70-72, passed on November 20, 1972, a note in the principal amount of $500,000,
<br />dated January 11, 1973, to pay the costs of said improvcme~t; and
<br />
<br /> I~.[EREAS, said note matured and was renewed at maturity by the issuance
<br />of a note in the principal amount of $500,000 dated January 11, 1974, issued pur-
<br />suant to Ordinance No. 27-74, p'assed January 7, 1974; and
<br />
<br /> WHEREAS, said note matured and, together with funds of the City avail-
<br />able and appropriated for sucll purpose, was re,~ewed at maturity by the issuance
<br />of a note in the principal amount of $470,000 dated January 11, ]_975, issued
<br />pursuant to Ordinance No. ~-75, passed January 6, '1975; and
<br />
<br /> WIiEREAS, said notes matured, and, together with funds of the City,
<br />available and appropriated for suclq purpose, were renewed at maturity by the
<br />issuance of a note in the principal amount of $402,800, dated January 9, 1.976,
<br />issued pursuant to Ordinance No. 1-76, passed January 5, 1976, and said note is
<br />about to mature; and
<br />
<br /> WHEREAS, there are now available moneys of the City to reduce said note
<br />in principal amount to $369,200 and this Council has determined to retire said out-
<br />standing note at maturity by the issuance of new notes in tho aggregate principal
<br />amount of $369,200; and
<br />
<br /> ~q[EREAS, the Director of Finance, as fi.~;cal officer, has certified
<br />to this Council that the estimated life of the improvement hereinafter mentioned
<br />as at least five years and has further certified tI~e maximum maturity of such
<br />bonds as forty years and of such notes issued in anticipation of said bonds as
<br />e',ght years from January 11, 1973, or one year J.f so]d private].y; and
<br />
<br /> WHEREAS, this Council by two-thirds vote o.f the members elected thereto
<br />determines that this ordinance is an emergency measure which is necessary for the
<br />immediate preservation of the public peace, property, health and safety and for the
<br />further reason that the immediate issuance and sale of the notes herein authorized
<br />is necessary to enable the City to retire at maturity the outstanding note and
<br />thereby preserve the City's credit;
<br />
<br /> NOW, THEI{EFORE, BE IT ORDAINED by tile Council of the City of Lakex.~ood,
<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 $369,200 for the purpose of paying
<br />costs of.constructing and reconstructing storm and sanitary sewers together
<br />with the necessary appurtenances thereto.
<br />
<br /> Section 2. That saJ.d bonds shall be dated approximately January 1,
<br />1978, shall bear interest a.t the estimated r~'e of six per ccntum (6%) pe~~ annum,
<br />payable semi-annually, until tile principal sum is paid, and shall mature in fifteen
<br />substantially equal ann~al installments after their issuance.
<br />
<br /> Section 3. '£hat it is necessary and this Council hereby deter-
<br />mines that notes in the principal amount of $369,200 sh,'.~ll be J.s.~;ucd in
<br />anticipation of the issuance of said bonds.
<br />
<br />
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