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'ORDINANCE NO. 39-82 <br /> <br />By: Brown, Chinnock, Gallagher, <br /> Salmon, Graham, Wendling <br /> <br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes of <br />the City of Lakewood, Ohio, in anticipation of the issuance of bonds for <br />the purpose of constructing, renovating, equipping and otherwise improv- <br />ing recreational facilities. <br /> <br /> WHEREAS, the Director of Finance, as fiscal officer, has <br />certified to this Council that the estimated life of the improvement <br />hereinafter mentioned is at least five (5) years and has further certi- <br />fied the maximum maturity of the hereinafter mentioned bonds is ten (10) <br />years and that the maximum maturity of notes issued in anticipation of <br />said bonds is eight (8) years from the date of issuance of the original <br />notes, or one (1) year if sold privately; and <br /> <br /> WHEREAS, this ordinance is an emergency measure which is <br /> necessary for the immediate preservation of the public peace, property, <br /> health, safety and welfare in the CiTy and for the further reason that <br /> the immediate issuance and sale of the notes herein authorized is neces- <br /> sary to provide funds for the improvements to the recreational facil- <br /> ities which are needed immediately in order to provide for the summer <br /> recreational needs of the citizens of the City; <br /> <br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, <br /> Cuyahoga County, Ohio: <br /> <br /> Section 1. That it is hereby declared necessary to issue <br /> bonds of the City of LakeWood in the principal amount of $325,000 for <br /> the purpose of constructing, renovating, equipping and otherwise im- <br /> proving recreational facilities. <br /> <br /> Section 2. That said bonds shall be dated approximately <br /> July 1, 1983, shall bear interest at the estimated rate of twelve per <br /> <br /> <br />