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ORDINANCE NO.
<br />
<br />4O -77
<br />
<br /> BY:
<br />Messrs. Brockman, Chinnock~
<br />McBride, Salmon, Sinagra, ~
<br />
<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 a fifth floor on the City's existing off-
<br />street parking garage and an enclosed pedestrian bridge connecting such garage
<br />and the City's hospital.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 46-74, passed March 20, 1974,
<br />a note in the principal amount of $1,000,000, dated August 29, 1974, maturing on
<br />or before one year from date, was issued for the purpose hereinafter stated,
<br />which note matured on August 29, 1975; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 52-75, passed August 5, 1975, a
<br />note in the principal amount of $1,000,000, dated August 29, 1975, maturing on
<br />or before one year from date, was issued to retire the then outstanding note,
<br />which note matured on August 27, 1976; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 52-76, passed July 19, 1976, notes
<br />in the aggregat~ Principal amount of $1,000,000, dated August 27, 1976, maturing
<br />on August 26, 1977, were issued to retire the then outstanding note, and said note~
<br />are about to mature; and
<br />
<br /> WHEREAS, this Council has determined that the outstanding notes in the
<br />amount of $1,000,000 shall be funded by the issuance of new notes in anticipation
<br />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-five years and of such notes as eight years from August 29, 1974, 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 notes 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. That it is hereby declared necessary to issue bonds of the
<br />City of Lakewood in the principal sum of $1,000,000 for the purpose of paying
<br />costs of constructing a fifth floor on the City's existing off-street parking
<br />garage and an enclosed pedestrian bridge connecting such garage and the City's
<br />hospital.
<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 />twenty-five 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 $1,000,000 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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