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ORDINANCE NO. 73-83
<br />
<br />]~y: Brown, Chinnock, Gallagher, Graham,
<br /> McBride, Salmon, 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
<br />for the purpose of paying costs of constructing a fifth floor on the
<br />City's existing off-street parking garage and an enclosed pedestrian
<br />bridge connecting such garage and the City's hospital.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 46-74, passed March 20, 1974,
<br />notes in the principal amount of $1,000,000, dated August 29, 1974, were
<br />issued in anticipation of the issuance of bonds for the purpose hereinafter
<br />stated, which notes were renewed annually, the most recent renewal being
<br />pursuant to Ordinance No. 58-g2, passed July 6, 1982, which notes are
<br />in the amount of $700,000 and are dated August 6, 1982, and will mature
<br />on August 5, 1983;
<br />
<br /> WHEREAS, this Council has determined that $100,000 is now
<br />available to apply against the principal of said notes and that after
<br />the application of said $100,000 to the payment thereof, the remaining
<br />outstanding principal of said notes (to-wit, $600,000) shall be funded
<br />by the issuance of new notes in anticipation of the issuance of bonds;
<br />and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has certified
<br />to this Council that the estimated life of the improvement hereinafter
<br />mentioned is at least five (5) years and has further certified the maximum
<br />maturity of the hereinafter mentioned bonds is twenty (20) years and
<br />that the maximum maturity of notes issued in anticipation of said bonds
<br />is ten (10) years from the date of issuance of the original notes, or one
<br />(1) year if sold privately and the maximum principal amount of said notes
<br />is $840,000; and
<br />
<br /> WHEREAS, this ordinance is an emergency measure which is necessary
<br /> for the i~mediate preservation of the public peace, property, health, safety
<br /> and welfare in the City and for the further reason that the immediate
<br /> issuance and sale of the notes herein authorized is necessary to enable
<br /> the City to retire the outstanding notes at maturity and thereby preserve
<br /> the City's credit;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga
<br /> County, Ohio:
<br />
<br /> Section 1. It is hereby declared necessary to issue bonds of
<br /> the City of Lakewood in the principal amount of $600,000 for the purpose
<br /> of paying costs of constructing a fifth floor on the City's existing off-
<br /> street parking garage and an enclosed pedestrian bridge connecting such
<br /> garage and the City's hospital.
<br />
<br /> Section 2. Said bonds shall be dated approximately April 1, 1984,
<br /> shall bear interest at the estimated rate of twelve per centum (12%) per
<br /> annum, payable semi-annually, until the principal sum is paid, and shall
<br /> mature in twenty-one (21) substantially equal annual installments after
<br /> their issuance.
<br />
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