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ORDINANCE NO. c.139-77 BY:
<br /> ~ Messrs. Chinnock,McBride,
<br /> ' Salmon, Sinagra, Usher,
<br /> Brockman
<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 constructing and equipping.a structure for munici-
<br />pal off-street parking of motor vehicles.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 57-73, passed June 18, 1973,
<br />notes in the aggregate principal amount of $3,500,000, dated August 29, 1973,
<br />maturing on or before one year from date, were issued for the purpose hereinafter
<br />stated, which notes matured on August 29, 1974; and "'
<br />
<br /> WHEREAS, pursuant to Ordinance Nos. 65-74, 66-74 and 67-74, respectively
<br />all passed August 23, 1974, notes in the aggregate principal amount of $3,500,000,
<br />dated August 29, 1974, maturing August 29, 1975, were issued to retire the then
<br />outstanding notes, which notes matured on August 29, 1975; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 51-75, passed August 5, 1975, notes
<br />in the aggregate principal amount of $3,500,000, dated August 2~, 1975, maturing
<br />on August 27, 1976, were issued to retire the then outstanding notes, which notes
<br />matured on August 27, 1976; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 53-76, passed July 19, 1976, notes
<br />in the aggregate principal amount of $3,500,000, dated August 25, 1976, maturing
<br />on August 26, 1977, were issued to retire the then outstanding notes, and said
<br />notes are about to mature; and
<br />
<br /> WHEREAS, this Council has determined that the outstanding notes in
<br />the amount of $3,500,000 shall be funded by the issuance of new notes in anti-
<br />cipation of the issuance of bonds; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has certified
<br />to this Council such estimated life of the improvement hereinafter mentioned as
<br />at least five years and has further certified the maximum maturity of such bonds
<br />as twenty-three years and of such notes as eight years from August 29, 1973, or
<br />one year if sold privately; and
<br />
<br /> WHEREAS, 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 immediate issuance and sale
<br />of the notes herein authorized is necessary to enable the City to preserve
<br />its credit by renewing the outstanding note at maturity;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lake-
<br />wood, Cuyahoga County, Ohio:
<br />
<br /> Section 1. ~hat it is hereby declared necessary to issue bonds of the'
<br />City of Lakewood in the principal sum of $3,500,000 for the purpose of paying
<br />the costs of constructing and equipping a structure for municipal off-street
<br />parking of motor vehicles.
<br />
<br /> Section 2. That said bonds shall be dated approximately August 1, 1978~
<br />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
<br />~wenty-three substantially equal annual installments after their issuance.
<br />
<br /> Section 3. That it is necessary and this Council hereby determines
<br />that notes in the principal amount of $3,500,000 shall be issued in anticipation
<br />of the issuance of said bonds and to pay and retire the above-mentioned out-
<br />.standing notes.
<br />
<br />
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