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ORDINANCE NO.
<br />
<br />117 -78
<br />
<br />BY: Brown, Chinnock, Magnotto, McBride, Salmon,
<br /> Wendling, Brockman
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes in the
<br />City of Lakewood, Ohio, in anticipation of the issuan.ce of bonds for the pur-
<br />pose of constructing a new indoor ice-skating rink.'
<br />
<br /> WHEREAS, 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
<br />from date, to wit: December 30,. 1976;
<br />
<br /> WHEREAS, said note matured and was renewed at maturity by the issu-
<br />ance of notes in the aggregate principal amount of $745,000 dated December 30,
<br />1976, issued pursuant to Ordinance No. 77-76, passed December 20, 1976; and
<br />
<br /> WHEREAS, said note matured and was renewed at maturity ~by the
<br />issuance of' notes in the aggregate principal amount of $670,000 dated
<br />December 30, 1977, issued pursuant to Ordinance No, 74-77, passed December
<br />19, 1977, and said notes are about to mature; and
<br />
<br /> WHEREAS, the Director of Finance as fiscal officer, has certified
<br />to this Council that the estimated life of the improven~ant hereinafter men-
<br />tioned is at least five years and has further certified the maximum maturity
<br />of the hereinafter mentioned bonds is twenty-five years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is eight year from
<br />December 30, 1975, or 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
<br />necessary for the immediate preservation of the public peace, property,
<br />health and safety and for the further reason that the immediate issuance
<br />and sale of the notes herein authorized is necessary to enable the City to
<br />retire the outstanding notes at maturity and thereby preserve the citY's
<br />credit;
<br />
<br /> NOW, .THEREFORE BE IT ORDAINED by the Council of the City of LakewoOd,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal amount of $670,000 for the purpose of
<br />constructing a new indoor ice-ska~ing rink.
<br />
<br /> Section 2. That said bonds shall be dated approximately December 1,
<br />1979, shall bear interest at the estimated rate of seven per centum (7%) per
<br />annum, payable semi-annually, until the principal sum if paid, and shall
<br />mature in twenty-five substantially equal annual installments 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 $670,000 shall .be issued in anticipation
<br />of the issuance of said bonds and to pay and retire the above-mentioned 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; shall be in the denominations
<br />and numbered as the original purchaser or purchasers thereof request, shall
<br />be dated December 30, 1978 and shall mature on December 28, 1979, with an
<br />option' in the City to redeem such notes prior to maturity if satisfactory
<br />to the original purchaser or purchasers of such notes.
<br />
<br />
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