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ORDINANCE NO. 74 -79
<br />
<br />By: McNally, Salmon, Nendling, Brockman, Brown,
<br /> Chinnock, McBride
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes of the
<br />City of Lakewood, Ohio, in anticipation of the issuanae of bonds for the pur-
<br />pose of paying costs of constructing the Clifton Boulevard Fire Station.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 55-75, passed September 15, 1975,
<br />a note in the principal amount of $590,000, dated November 6, 1975, maturing
<br />one year from date, was issued for the purpose hereinafter stated, which note
<br />matured on November 5, 1976; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 67-76, passed October 18, 1976,
<br />notes in the aggregate principal amount of $590,000, dated November 5, 1976,
<br />were. issued to retire the then outstanding note, which notes matured on Novem-
<br />ber 4, 1977; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 62-77, passed October 17, 1977, a
<br />note in the principal amount of $480,000, dated November 4, 1977, was issued
<br />to retire the then outstanding notes, which note matured on November 3, 1978;
<br />and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 94-78, passed October 16, 1978, a
<br />note in the principal amount of $450,500, dated November 3, 1978, was issued
<br />to retire the then outstanding note, which note is about to mature; and
<br />
<br /> WHEREAS, there are now available funds of the City in the amount of
<br />$500 which this Council has determined to appropriate and apply to the payment
<br />of said outstanding note; and
<br />
<br /> WHEREAS, this Council has further determined that the balance of said
<br />outstanding note in the amount of $450,000 shall be funded by the issuance of
<br />new notes in anticipation of the issuance of bonds; and
<br />
<br /> WHEREAS, the Director of Finance as fiscal officer, has certified
<br />to this Council that the estimated life of the improvement hereinafter men-
<br />tioned is at least five years and has further certified the maximum maturity
<br />of the hereinafter mentioned bonds is twenty-five years and that the maximum
<br />maturity of notes issued in anticipation of said bonds is eight years from
<br />November 6, 1975, or one year if sold privately$ 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, ~{EREFORE, 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 $450,000 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 November 1,
<br />1980, shall bear interest at the estimated rate of seven per centum (7%)
<br />per annum, payable semiannually, until the principal sum is 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 $450,000 shall be issued in anticipation
<br />of the issuance of said bonds and to pay and retire the above-mentioned notes.
<br />
<br />
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