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ORDINANCE NO. 42 -78 By: Messrs. Usher, Brockman,
<br /> Chinnock, Brown, Magnotto~
<br /> S a 1 mo n
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of bOnds for the
<br />purpose of improving tile City's municipal off-street parking facilities by con-'
<br />strutting and equipping structures for off-street parking of motor vehicles, and
<br />acquiring and improving real property by clearing therefrom existing buildings
<br />thereon in connection therewith.
<br />
<br /> WHEREAS, there has heretofore been issued pursuant to Ordinance No.
<br />76-72, passed on December 4, 1972, a note in the principal amount of $700,000,
<br />dated January 18, 1973, and there has heretofore been issued pursuant to Or-
<br />dinance No. 57-73, passed June 18, 1973, notes in the aggregate principal amount
<br />of $3,500,000, dated August 29, 1973,~ both to pay costs of said improvement; and
<br />
<br /> WHEREAS, said note in the amount of $700,000 matured, and was re-
<br />newed at maturity by the issuance of a note in the principal amount of $700,000,
<br />dated January 18, 1974, issued pursuant to Ordinance No. 3-74, passed January
<br />7, 1974, and said notes in the aggregate principal amount of $3,500,000 matured,
<br />and were renewed at maturity by the issuance of notes in the aggregate principal
<br />amount of $3,500,000, dated August 29, 1974, issued pursuant to Ordinance Nos.
<br />65-74, 66-74 and 67-74, respectively, all'passed August 23, 1974; and
<br />
<br /> WHEREAS, said note in the amount of $700,000 matured, and was renewed
<br />at maturity by the issuance of notes in the aggregate principal amount of
<br />$700,000, dated January 18, 1975, issued pursuant to Ordinance No. 3-75,
<br />passed January 6, 1975, and said notes in the aggregate principal amount of
<br />$3,500,000 matured, and were reviewed at maturity by the issuance of notes
<br />in the aggregate principal amount of $3,500,000, dated January 29, 1975, issued
<br />pursuant to Ordinance No. 51-75, passed August 5, 1975; and
<br />
<br /> WHEREAS, said notes in the aggregate principal amount of $700,000,
<br />matured and, together with funds of the City available and appropriated for
<br />such purpose, were renewed at maturity by the issuance of notes in the aggre-
<br />gate principal amount of $665,000, dated January 16, 1976, issued pursuant
<br />to Ordinance No. 2-76, passed January 5, 1976, and said notes in the aggregate
<br />principal amount of $3,500,000 matured, and were renewed at maturity by the
<br />issuance of notes in the aggregate principal amount of $3,500,000, dated
<br />August 25, 1976, issued pursuant to Ordinance No. 53-76, passed July 19, 1976;
<br />and
<br />
<br /> WHEREAS, said notes in the aggregate principal amount of $665,000,
<br />matured and, together with funds of the City available and appropriated for
<br />such purpose, were renewed at maturity by tile issuance of notes in the aggre-
<br />gate principal amount of $630,000, dated January 14, 1976, issued pursuant to
<br />Ordinance No. 75-76, passed December 30, 1976, and said notes in the aggregate
<br />principal amount of $3,500,000 matured, and were renewed at maturity by the
<br />issuance of notes in the aggregate principal amount of $3,500,000, dated
<br />August 26, 1977, issued pursuant to Ordinance No. 39-77, passed July 18, 1977
<br />and said notes in the aggregate principal amount of $3,500,000 are about to
<br />mature; and
<br />
<br /> WHEREAS, said notes in the aggregate principal amount of $630,000
<br />matured and, together with funds of the City available and appropriated for
<br />such'purpose, were renewed at maturity by the issuance of a note in the prin-
<br />cipal amount of $595,000, dated January 13, 1978, issued pursuant tO Ordinance
<br />No. 76-77, passed December 19, 1977 and said note matures on or before one
<br />year from the date of its issuance; and
<br />
<br /> W}~REAS, there are now available funds of the City in the amount
<br />of $430,000 which this Council has determined to appropriate and apply to the
<br />payment of said outstanding issues of notes; and
<br />
<br /> ~IEREAS, this Council has determined it necessary to issue bonds in
<br />the amount of $3,665,000 to retire the balance of said issues of notes and to
<br />pay for costs of the improvement; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has certified
<br />to this Council that the estimated life of the improvement hereinafter mentioned
<br />as at least five years and has further certified the maximum maturity of such
<br />bonds as twenty-four (24) years; and
<br />
<br />
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