58-82 Construct 5th fl of garage, bld bridge BAN

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ORDINANCE NO. 58-82 By: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE to provide for the issuance of notes of the City of 'Lake. wood, Ohio, in anticipation of the issuance of bonds 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. 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 for the purpose hereinafter stated, which note was renewed annually, the most recent renewal being pursuant to Ordinance No. 66-81, passed July 20, 1981, which notes were in the amount of $900,000 and were dated August 21, 1981, and mature on August 20, 1981; and WHEREAS, the amount of $200,000 is now available to apply against the principal of said notes; and WHEREAS, this Council has determined that the remaining amount outstanding, to wit, $700,000, 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 mentioned is at least fiv~ (5) years and has further certi- fied the maximum maturity~of the hereinafter mentioned bonds is twenty- one (21) years and that the maximum maturity of notes issued in antici- pation of said bohds is ten (10) years from the date of issuance of the original notes, or one (1) year if sold privately and the maximum princi- pal amount of said notes is $880,000; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property,