15-80 Consstruct indoor skating rink BAN

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OP~INANCE I~0. 15 -80 By: Graham, McBride, Salmon, Wendling, Brown, .. Ch i nnock Ai~ F~RGENCY ORDINANCE to p'rovide for the issuance of. notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the pur- pose of constructing and equipping a new indoor ice-skating rink, acquiring real estate and interests therein as a part of the site thereof and construct- ing a parking lot and other'~ise improving the site. I~q{EREAS, pursuant to Ordinance No. 10-74, passed January 21, 1974, a note in the principal amount of $2',300,000, dated Mmrch 4, 1974, naturing on or before one year from date, was issued for the purpose hereinafter stated, which note matured on March 4, 1975; and ICHER~&S, pursuant to Ordinance Nos. 16-75, 17-75, 18-75 and 19~75, all passed February 18, 1975, notes in the aggregate principal amount of $2,300,000 dated b~rch 4, 1975, mmturing on or before one year from date, were issued to retire the then outstanding note, which notes matured on I~rch 4, 1976; and I,~ER~S, pursuant to Ordinance No. 11-76, passed February 16, '1976, notes in the aggregate principal amount of $2,300,000, dated March 4, 1976, m~turing one year from date, were issued to retire the then outstanding notes which notes matured on March 4, 1977; and ~{ER~iS, pursuant to Ordinance ~O.o 9-77, passed February 22, 1977 a note in the principal amount of $2,300,000, dated March 4, 1977, mmturing on or before one year from date, was issued to retire the t~en outstanding notes, which notes ~atured on l~arch 3, 1978; and ~:tE:,~'.,~S, pursuant to Ordinance No. 19-78, passed February 21, 1978 a note in the principal amount of $2,300,000, dated zX,'arch 3, 1978, maturing on or before one year from date, was issued to retire the then ont~tanding note, ;~hich none matured on ~-~rcn 2, 1979; and ~IER~kS, pursuant to Ordinance No. 16-79, passed. Feb=uary 5, 1979 a note in the principal amouat of $2,285,000, dated March'2, 1979, maturing one year from date, was issued to retire the then outstanding note, and said none is about to mature; ~nd i'~iERL-iS, the Director of'Finance as fiscal officer, has certified to this Council that the.estimated life of the improvement hereinafter men- tioned is at least five years and has further certified the maximum maturity of the hereinafter mentioned bonds is ~enty years and that the maximum maturity of notes issued in anticipation of said bonds is eight years from }larch 4, 1974, or one year if sold privately; and ~HERL~S, this.Council by two-thirds vote of the members elected 'thereto deter,nines that this ordinance is an emergency measure which is necessary for the i~-m~ediate preservation of the public peace, property, health and safety and for the further reason that the in~nediate issuance and sale of the notes herein authorized is necessary to enable the City to retire the outstanding notes at maturity and thereby preserve the City's credit; NOW, /~HEREFORE, BE IT ORDAIi~ED by the Council of the City of Lakewood, Cuyahoga County, Ohio: Section 1. ~nat it is hereby declared necessary to issue bonds o~ the City of Lake~cood in the principal amount of $2,285,0D0 for the purpose of constructing and equipping a new indoor ice-skating rink, acquiring real estate and interests therein as a part of the site thereof and c6nstructing a parking lot and otherwise improving the site, Section 2. That said bonds shall be dated approximately i.~arch 1, 1°81~ , shall bear interest an the estimated rate of seven per cennum (7%) per annun, payable semi-annually, until the principal sum is paid, and shall mature in t%-enty substantially equal annual installments after their issua?~ce.