40-78 Bonds for air pollution control equip for incinerator

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ORDINANCE NO. 40-78 By: Messrs. Brow., Ch innock, Magnotto, Salmon, Usher, B rockman AN EMERGENCY ORDINANCE to provide for the issuance of bonds for the purpose of~acquiring, and installing air pollution control equipment for the City's incinerator. WHEREAS, there has heretofore been issued pursuant to Ordinance No. 23-73, passed on February 20, 1973, a note in the principal amount of $800,000, dated June 29, 1973, to pay costs of said improvement.; and WHEREAS, said note matured, and was renewed at maturity by the issuance of a note in the principal amount of $800,000, dated June 28, 1974, issued pursuant to Ordinance No. 55-74, passed June 17, 1974; and WHEREAS, said note matured and, together with funds of the City available and appropriated for such purpose, was renewed at maturity by the issuance of a note in the principal amount of $760,000, dated June 27, 1975, issued pursuant to Ordinance No. 41-75, passed June 16, 1975; and WHEREAS, said note matured and, together with funds of the City available and appropriated for such purpose, was renewed at maturity by the issuance of a note in the principal amount of $720,000, dated June 25, 1976, issued pursuant to Ordinance. No. 44-76, passed June 21, 1976; and WHEREAS, said note matured and, together with funds of the City available and appropriated for such purpose, was renewed at maturity by the issuance of a note in the principal amount.of $680,000, dated June 24, 1977, issued pursuant to Ordinance No. 26-77, passed June 6, 1977, and a note in the principal amount of $150,000, dated August 29, 1977, was issued pursuant to Ordinance No. 41-77, passed July 18, 1977, and both issues of said notes are about to mature; and WHEREAS, there are now available funds of the City in the a.~ount of $30,000 which.this Council has determined to appropriate and apply to ~the payment of said outstanding issues of notes; and WHEREAS, this Council has determined it necessary to issue bonds in the amount of $800,000 to retire the balance of said issues of notes and to pay for costs of the improvement; and WHEREAS, the Director of Finance, as fiscal officer, has'certified to this Council that the estimated life of the improvement hereinafter mentioned as at least five years and has further certified the maximum maturity of such bonds as twenty (20) years; and WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health and safety and for the further reason that the immediate issuance and sale of the bonds herein authorized is necessary to enable the City to retire at maturity the outstanding note and thereby preserve the City's credit; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $800,000 for the purpose of acquiring and installing air pollution control equipment for the City's in-- cinerator. Section 2. Said bonds in the principal sum of $800,000 shall be issued in the denomination of $5,000 each; shall be numbered from 1 to 160, both inclusive, and shall be dated June 1, 1978. Said bonds shall bear interest at the rate of six per centum per annum, payable December 1, 1978 semi- annually thereafter on the first day of June and the first day of December of each year, until the'principal sum is paid; provided, however, that if said bonds are sold bearing a different rate of interest than hereinafter specified, then the same bonds shall bear such rate 6f interest as may be provided in ~ the resolution of Council approving the award thereof. Said bonds shall mature as follows: