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ORDINANCE NO. 94 -78 BY: Brockman, Brown ,Chinnock
<br /> Magnotto, McBride,
<br /> Salmon, Wendling
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes
<br />of the City of Lakewood, Ohio, in anticipation of the issuance of bonds
<br />for the purpose of paying costs of constructing the Clifton Boulevard
<br />Fire Station.
<br />
<br /> ~RtJREAS, pursuant to Ordinance No. 55-75, passed September 15,
<br />1975, a note in the principal amount of $590,000, dated November 6, 1975,
<br />maturing one year from date, was issued for the purpose hereinafter stated.,
<br />which note matured on November 5, 1976; and
<br />
<br /> ~tEREAS, pursuant to Ordinance No. 67-76, passed October 18,
<br />1976, notes in the aggregate principal amount of'$590,000, dated Novem-
<br />ber 5, 1976, were issued to retire the then outstanding note, which notes
<br />matured on Friday, November 4, 1977; and
<br />
<br /> ~IEREAS, pursuant to Ordinance No. 62-77, passed October 17,
<br />1977, a note in the principal amount of $480,000, dated November ~, 1977,
<br />was issued to retire the then outstanding notes, which note is about to
<br />mature; and
<br />
<br /> ~tEREAS, there are now available funds of the City io the
<br />amount.of $29,500 which this Council has determined to appropriate
<br />and apply to the payment of said outstanding note; and
<br />
<br /> WHEREAS, this Council has further determined that the balance
<br />of said outstanding note in the amount of $450,500 shall be funded by
<br />the. issuance of new notes in anticipation of the issuance of bonds; and
<br />
<br /> ~IEREAS, the Director of Finance, as fiscal officer, has certi-
<br />fied to this Council such estimated life of the improvement hereinafter
<br />mentioned as at least five years and has further certified the maximum
<br />maturity of such bonds as twentyZfive years and of such notes as eight
<br />years from November 6, 1975, o.r one year if sold privately; and
<br />
<br /> I~qlEREAS, 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 immed~.ate 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
<br />to preserve its credit by renewing the outstanding notes at maturity;
<br />
<br /> NOW, ~[EREFORE, BE IT ORDAINED by the Council of the City
<br />of Lakewood, Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds
<br />of the City of Lakewood in the principal sum of $450,500 for the purpose
<br />of paying costs of constructing the Clifton Boulevard Fire Station.
<br />
<br /> Section 2. That said bonds shall be dated approximately Novem-
<br />ber 1, 1979, shall bear interest at the estimated, rate of six per centum
<br />(6%) per annum, payable semi-annually, until the principal sum is paid,
<br />and shall mature in twenty-five substantially equal annual installments
<br />after their issuance."
<br />
<br /> Section 3. That it is necessary and this Council hereby deter-
<br />mines that notes in the aggregate principal amount of $450,500 shall be
<br />issued in anticipation of the issuance of said bonds and to pay and re-
<br />tire the above-meutioned outstanding note. '"
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