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ORDINANCE NO. 77-76
<br />
<br />Messrs. Brockman, Chinnock, McBride, Salmon,
<br /> Sinagra, Usher
<br />
<br /> AN EMERGENCY ORDINANCE to provide for t'he issuance of notes of
<br />the City .of Lakewood, Ohio, in anticipation o! the issuance of bonds for
<br />the purpose of constructing a new indoor ice-skating rink.
<br />
<br /> ~,~{EREAS, this Council, pursuant to Ordinance No. 64-75, passed
<br />November 3, 1975, issued a note in the principal amount of $745,000, dated
<br />December 30, 1975, for the purpose hereinafter stated, to mature one year from
<br />date, to wit: December 30, 1976, which note frs about to mature; and
<br />
<br /> WHEREAS, this Council has determined to retire said outstanding
<br />note with the proceeds of tl~e issuance of new notes; and
<br />
<br /> WIfEREAS, the Director of Finance, as fiscal officer, bas certified to
<br />this Council that the estimated life of the improw.:ment hereinafter mentioned is
<br />at least five years and has further certified the max]l~um maturity of the here-
<br />inafter mentioned bonds is... twenty-five years and tt~at the maximum maturity of
<br />notes issued in anticipation of said bonds is eJf;ht years from [)~c~.,mber 30,
<br />1975, or one year if sold privately; and
<br />
<br /> I~qIEREAS, this Cut, nell by two-thirds vote of the members elected
<br />thereto determines that this ordinance is an emergency measure whJc]~ is
<br />necessary for the immediate preservation of the pt~blic peace, property,
<br />health and safety and for the furt:her reason that the immediate i:;suance
<br />and sale of the notes herein authorized is necessary to enable the City to
<br />retire the outstanding notes at maturity and thereby prt.,serve the City's
<br />credit;
<br />
<br /> 1,.~OW, 'fHEREFORE, BE IT ORDAINED by tl~e Council of. the City of
<br />Lakewood, Cuyahoga gounty, Ot~io: '"
<br />
<br /> Section 1. That it is hereby dec].ared necessary to issue bonds of
<br />the City of Lakewood in the principal amount of $745,000 for the purpose of
<br />constructing a new indoor ice-skating rink,
<br />
<br /> Section 2. That said bonds shall be dated approximately December
<br />1, 1977, shall bear i'nter~.:st at the estimated rate of six per centum (6%)
<br />per annum, payable scm.i-annually, until ~l~e pri~cipn] sum is paid, and shall
<br />mature in twenty-five substantiaJ, ly equal annual instaI, l~nents after their
<br />issuance.
<br />
<br /> Section 3. That it is necessary and this Council hereby determines
<br />that notes in the principal amount of $745,000 shall be issued in anticipation
<br />of the issuance of said bonds.
<br />
<br /> Section a. 'that such anticipatory notes in the amount af6resaid
<br />shall bear interest payable at maturity at one or more rates not exceeding
<br />the maximum rate permitted by ].aw, provided that such notes may bear one or
<br />more different rates not exceeding the maximum r~ttc permitted by law after
<br />maturity and until the principal sum is paid; shall be in the denominations an~l
<br />numbered as the original purchaser or purchasers thereof request, shall be dated
<br />December 30, 1976 and shall mature one year from date, with an option in the City
<br />to redeem such notes prior to maturity if satisfactory to the original purchaser
<br />or purchasers of st~ch notes.
<br />
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