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ORDINANCE NO. 76-~ Brown, Chinnock, Gallagher, Graham, P. cBride, Salmon, Wendling AN EMERGENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, O~io, in anticipation of the issuance of bonds, for the purpose of paying the costs of improving strlunning pool facili- ties at Foster Poo! by rebabilitsttng and equipping the existing bath house, replacing the pool drainage systme, pool decking, wading pool and filtration system and improving the site thereof. WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvements hereinafter mentioned is at least five (5) years and has further certi- fied the maximum umturity of the hereinafter mentioned bonds is twenty- one (21) years and that the maximum maturity of notes issued in antici- pation of said bonds is twenty (20) years from the date of issuance of the original notes, or one (1) year if sold privately; and ~rHEREAS, 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 provide for immediate rehabilitation of the swimming pool in the City in order to prevent health hazards to citizens; NOW, THEREFORE, BE IT ORDAINED by 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 $1,200,000 for the purpose of paying the costs of improving swimming pool facilities at Foster Pool by rehabilitating and equipping the existing bath house, replacing the pool drainage system, pool decking, wading pool and filtra- tion system and improving the site thereof. Section 2. That said bonds shall be dated approximately July 1, 1987, shall bear interest at the estimated rate of ten per centum (10%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty-one (21) substantially equal annual installments after their issuance. Section 3. That it is hereby determined that notes (herein- after called the "Notes") in the principal amount of $1,200,00~ shall be issued in anticipation of the issuance of said bonds for the above- described purpose. The Notes shall bear interest at a rate or rates not exceeding the maximum interest rate of fifteen per centum (15%) per annum, as may be fixed by the Director of Finance in his certificate awarding the ~otes at private sale, suclh interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event of ~efault, the same shall bear interest at a rate or rates not exceeding the maximum interest rate of fifteen per centum (15%) per annum until the principal su~ is paid; shall be dated their date of issuance and Shall ~at~re one year from such date; shall not be subject to redew~ticm, by the City at any time prior to maturity, unless the original purchaser of the Notes requests that the Notes provide for such redemption, in which case provision shall be made for calling the' Notes