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ORDINANCE NO.
<br />
<br />80 -79
<br />
<br />By: Chinnock, McBride, McNally, Salmon, Wendling,
<br /> Brockman, Brown
<br />
<br /> AN EMERGENCY 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 a new indoor ice-skating rink.
<br />
<br /> W}{EREAS, pursuant to Ordinance No. 64-75, passed November 3, 1975,
<br />a note in the principal amount of $745,000 dated December-30, 1975, for the
<br />purpose hereinafter stated, to mature one year from date, to wit: December
<br />30, 1976; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 77-76, passed December 20, 1976,
<br />notes in the aggregate principal amount of $745,000, dated December 30, 1976,
<br />were issued to retire the then outstanding notes, which notes matured on
<br />December 30, 1977; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 74-77, passed December 19, 1977,
<br />notes in the principal amount of $670,000, dated December 30, 1977, were
<br />issued to retire the then outstanding notes, which notes matured on December
<br />30, 1978; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 117-78, passed December 18,
<br />1978, notes in the aggregate principal amount of $670,000 dated December 30,
<br />1978, were issued to retire the then outstanding notes, which notes are about
<br />to mature; and
<br />
<br /> WHEREAS, the Director of Finance ~s 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 />December 30, 1975, or one year if sold privately; and
<br />
<br /> ~tEREAS, 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, THEREFORE, 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 $.670,000 for the purpose of
<br />constructing a new indoor ice-skating rink.
<br />
<br /> Section 2. That said bonds shall be dated. approximately December 1,
<br />1980, shall bear interest at the estimated rate of eight per centum (8%) per annum,
<br />payable semi-annually, until the principal sum is paid, and shall mature
<br />in twenty-five 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 $670,000 shall be issued in anticipation
<br />of the issuance of said bonds and to pay and retire the above-mentioned notes.
<br />
<br /> Section 4. That such anticipatory notes in the amount aforesaid
<br />shall bear interest payable at maturity at one or more rates not exceeding
<br />the maximum rate permitted by law, provided that such notes may bear one or
<br />more different rates not exceeding the maximum rate permitted by law after
<br />
<br />
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