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ORDINANCE NO. 19 -78
<br />
<br />BY:
<br />
<br />Messrs. Brockman, Brown, Chinnock, Magnotto,
<br />McBride, Salmon, Usher,
<br />
<br /> AN EHERGENCY 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 constructing and equipping a new indoor ice-skating rink, acquiring
<br />real estate and interests therein as a part of the site thereof and construct-
<br />ing a parking lot and otherwise improving the site.
<br />
<br /> WHF. REAS, pursuant to Ordinance No. 10-74, passed Jam,ary 21, 1974,
<br />a note in the principal ;~mot, nt of $2,300,000, dated March 4, 1974, maturing on
<br />or before one year from date, was issued for the purpose hereinafter stated,
<br />which note matured on March 4, 1975; and
<br />
<br /> WHEREAS, pursuant to Ordinance Nos. 16-75, 17-75, 19-75 and 19-75,
<br />all passed February 18, 1975 notes in the aggregate principal amount of $2,300,000
<br />dated March 4, 1975, maturing on or before one year from date, were issued
<br />to retire the then outstanding note, which notes matured on March 4, 1976; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 11-76, passed February 16, 1976,
<br />notes in the aggregate principal amount of $2,300,000, dated March 4, 1976,
<br />maturing one year from date, were issued to retire the then outstanding notes,
<br />which notes matured on March ~, 1977; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 9-77, passed February 22, 1977
<br />a note in the principal amount of $2,300,000, dated March 4, 1977, maturing
<br />on or before one year from date, was issued to retire the then outstanding
<br />notes, and said note is about to mature; and
<br />
<br /> WHEREAS, this Council has determined that said outstanding note in
<br />the amount of $2,300,000 shall be funded by the issuance of new notes
<br />in anticipation 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
<br />as at least five years and has further certified tile maximum maturity of such
<br />bonds as twenty years and of such notes as eight years from March 4, 1974, ~r
<br />.~ne year (f 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 in~ediate 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 outmtanding note at maturity;
<br />
<br /> NOW, TIIEIIlCFOI(I"., lie IT OILDAINED by the Council of tile City of Lake-
<br />wood, 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 sum of $2,300,000 for the purpose of con-
<br />structing and equipping a new indoor ice-skating rink, acquiring real estate and
<br />interests therein as a part of tile site thereof and constructing a parking lot
<br />and otherwise improving the site.
<br />
<br /> Section 2. That said bonds shall be dated approximately March 1, 1979,
<br />shall bear interest at the estimated rate of six and one-half per centum (6-1/2%)
<br />per annum, payable semi-annually, until tile principal sum is paid, and shall
<br />mature in twenty 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 $2,300,000 shall be issued in anticipation
<br />of the issuance of said bonds and to pay and retire the above-mentioned out-
<br />mtanding note.
<br />
<br />
<br />
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