77-87 Off-street parking BAN $330,000

Home Browse Search

Placed on First Readin~n 9-8-87 Placed on Second Reading on 9-21-87 ORDINANCE NO. 77-87 By: Brown, Gallagher, McBride, Wendling AN EMERGENCY ORDINANCE to provide for $330,000 Off-Street Parking Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds, for the purpose of acquiring, clearing and improving real estate for off-street parking of motor vehicles. 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 maturity of the hereinafter mentioned bonds is twenty (20) years and that the maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the date of issuance of the original notes, 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 provide funds for the off-street parking of motor vehicles, which off-street parking is urgently needed in order to reduce traffic hazards to the citizens of the City; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $330,000 for the purpose of acquiring, clearing and improving real estate for off-street parking of motor vehicles. Section 2. That said bonds shall be dated approximately October 1, 1988, 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 (20) substantially equal annual in- stallments after their issuance. Section 3. That it is hereby determined that notes (herein- after called the "Notes") in the principal amount of $330,000 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 Notes, such interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event of default, 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 sum is paid; shall be dated their date of issuance and shall mature one year from such date; shall not be subject to redemption 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 for redemption upon ten (10) days written notice to the original purchaser; shall be designated "Off-Street Parking Improvement Bond Anticipation Notes";