56-80 Construct 5th fl of parking garage - BAN

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ORDINANCE NO. 56-80 By: Salmon~ Wendling, Brown, Chinnock, Gallagher, Graham, HcBride AN EMERGENCY ORDINANCE to Provide for the issuance of notes in. the City of .Lakewood, Ohio, in anticipation of the issuance of bonds for the pur- pose of paying costs of constructing .a fifth floor on the City's existing off-street parking garage and an enclosed pedestrian bridge connecting such garage and the City's hOspital. WHEREAS, pursuant to Ordinance No. 46-74, Passed March 20, 1974, a note in the principal amount of $1,000,000, dated August 29,. 1974 was issued, which note was renewed annually, the most recent renewal being pur- suant to Ordinance No. 62-79, passed July 16, 1979, which notes were dated August 24, 1979 and mature on August 24, 1980; and WHEREAS, the amount of $50,000 is now available to apply against the principal of said notes; and WHEREAS, this Council has determined that the remaining amount outstanding, to wit: $950,000, shall be funded by the issuance of new notes in anticipation of the issuance of bondS; and WHEREAS, 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 twenty-five years and that the maximum maturity of notes issued in anticipation of said bonds is eight years from August 29, 1974, or one year if sold privately; and WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health and safety and for the further reason that the immediate 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, THEREFORE, BE IT ORDAINED by the Council of the City'of Lakewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $950,000 for the purpose of paying costs of constructing a fifth floor on the City's existing off- street parking garage and an enclosed pedestrian bridge connecting such garage and the City's hospital. Section 2. That said bonds shall be dated approximately Augustl, 1981, shall bear interest at the'estimated rate of seven per centum (7%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty-five substantially equal annual installments after their issuance.. Section 3. That it is necessary and this Council hereby determines that notes in the principal amount of $950,000 shall beissued in anticipation of the issuance of said bonds and to pay and retire the above-mentioned notes. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest payable at maturity at one or more rates not exceeding the maximum rate permitted by law, provided that sQch notes may bear one or more different rates not exceeding the maximum rate permitted by law after maturity and until the principal sum is paid; shall be in the denominations and numbered as the original purchaser or purchasers thereof request, shall be dated August 22, 1980 and shall mature on August 21, 1981, with an option in the City to redeem such notes-prior to maturity if satisfactory to the original purchaser or purchasers of such notes. Such notes shall be issued in such number and in such denominations as the purchaser or purchasers thereof request. The rate or rates of interest to be borne by the notes until maturity and after maturity shall be fixed by the certificate of the Director of Finance of the City awarding the same of the notes and specifying such rate or rates and the principal amount of the notes applicable to each rate.