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ORDINANCE NO. 65-81 By: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of paying costs of improving the City's waste water treatment plant. WHEREAS, pursuant to Ordinance No. 3-80, passed January 21, 1980, a note in the principal amount of $750,000, dated March 4, i980, maturing on or before one(l) year from date, was issued for the purpose hereinafter stated; and WHEREAS, pursuant to an ordinance passed February 17, 1981, notes in the aggregate principal amount of $500,000, dated March 4, 1981, were issued to retire the then outstanding note, which notes are about to mature; and WHEREAS, the Director of Finance as fiscal officer, has certi- fied to this Council that the estimated life of the improvement herein- after mentioned is atJleast five (5) years and has further certified the maximum maturity of the hereinafter mentioned bonds is forty (40) years and that the maximum maturity of notes issued in anticipation of said bonds is eight (8) years from March 4, 1980, or one (1) year if sold privately; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the further reason that the immediate issuance and sale of the notes herein authorized is neces- sary to enable the City to retire the outstanding note at maturity and thereby preserve the City's credit; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuya- hoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $500,000 for the purpose of paying costs of improving the City's waste water treat- ment plant. Section 2. That said bonds shall be dated approximately September 1, 1982, shall bear interest at the estimated rate of ten and one-half per centum (10-1/2%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty (20) substantially equal annual installments after their issuance.