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ORI)INANCI': NO. 9-77
<br />
<br />BY: Messrs. Salmon, Sinagra, Usher, Brockman,
<br /> Chinnock, Magnotto, McBride
<br />
<br /> AN E}U£RGENCY ORDINANCE to provide 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 equipping 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 otherwise improving the site.
<br />
<br /> WHEREAS, this Council, pursuant to Ordinance No. 10-74, passed
<br />January 21, ].974, issued a note in the principal amount of $2,300,000 for
<br />the purpose hereinafter stated, dated March 4, 1974 which note was renewed
<br />at maturity by the issuance, pursuant to Ordinances Nos. 16-75, 17-75, 18-75
<br />and 19-75, all passed February 18, 1975, of a series of notes aggregating in
<br />principal amount $2,300,000, dated March 4, 1975 which notes matured on
<br />March 4, 1976, and were renewed at maturity by the issuance of new notes
<br />in the aggregate principal amount of $2,300,000 pursuant to Ordinance No.
<br />11-76, passed February 16, 1976~ and said notes are about to mature; and
<br />
<br /> ~IEREAS, the Director of Finance has certified the estimated life
<br />of the property and improvements hereinafter mentioned is at least five years
<br />as further certified the maximum maturity of the hereinafter mentioned bonds as
<br />twenty years and that the maximum maturity of notes issued in anticipation of
<br />said bonds is eight years from March 4, 1974, or one year if sold privately;
<br />and
<br />
<br /> W]{EREAS, this Council by two-thirds vote of the members elected
<br />thereto determines that this ordinance is an emergency measure which is nec-
<br />essary for the immediate preservation of the public peace, property, health
<br />and safety and for the further reason that the prompt issuance and sale of
<br />the notes herein authorized is necessary to enable the City to preserve its
<br />credit by renewing the outstanding n6t~% at maturity;
<br />
<br /> NOW, TIIEREFORE, BE IT ORDAINED by the Council of the City of
<br />Lakewood, Cuyahoga County, Ohio:
<br />
<br /> Section I. Tl~at it is hereby declared necessary to issue bonds
<br />of the City of Lakewood in the principal amount of $2,300,000 for the pur-
<br />pose of constructing and equipping a new indoor~ice-skating rink, acquit-
<br />'lng real estate and ~nterests therein as a part of the site thereof and con-
<br /> structing a parking lot and otherwise improving the site.
<br />
<br /> Section 2. That said bonds shall be dated approximately }larch 1,
<br />1978, shall bear interest at the estimated rate of six per centum (6%) per annum,
<br />payable semi-annually, until the principal sum is paid, and shall mature in twenty
<br />substantially equal annual installments after their.issuance.
<br />
<br /> Section 3. That it is necessary and thJs 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 by law, provided that such notes may bear one or
<br />more different rates not exceeding the maximum rate permitted by law after
<br />maturity and until the principal sum is paid. Such notes shall be dated as of
<br />March 4, 1977 and shall mature on or before one year from said date. Such
<br />notes shall be issued in such number and denomination as the purchasers there-
<br />of request.
<br />
<br />
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