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ORDINANCE NO. 73-89
<br />
<br /> By: Brown,
<br />GazZana, George, Graham, Wen~ling
<br />
<br /> AN E~ERGENCY ORDINANCE to provide for $300,000 Off-Street
<br />Parking Improvement Bond Anticipation Notes - 1989 Renewal of the City
<br />of Lakewood, Ohio, in anticipation of the issuance of bonds, for the
<br />purpose of acquiring, clearing and improving real estate for off-street
<br />parking of motor vehicles.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 77-87 passed September 8,
<br />1987, this Council authorized the issuance of notes in anticipation of
<br />the issuance of bonds in the principal amount of $330,000 for the pur-
<br />pose hereinafter stated, which notes were dated December 15, 1987, and
<br />matured on December 15, 1988, which notes are renewed annually, the most
<br />recent renewal being in the principal amount of $330,000 authorized by
<br />Ordinance No. 87-88 passed November 7, 1988, which notes were dated
<br />December 15, 1988 and will mature on December 15, 1989; and
<br />
<br /> WHEREAS, the amount of $30,000 is now available to apply
<br />against the principal of said notes and that after the application of
<br />said $30,000 to the payment thereof the remaining outstanding principal
<br />amount of said mote (to wit, $300,000) new notes in anticipation of the
<br />issuance of bonds for the purpose hereinafter stated; and
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the improvements
<br />hereinafter mentioned is at least five (5) years and has further certi-
<br />fied the maximum maturity of the hereinafter mentioned bonds is at least
<br />ten (10) years and that the maximum maturity of notes issued in antici-
<br />pation of said bonds is twenty (20) years from the date of issuance of
<br />the original notes; 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 to retire the outstanding notes which are about to
<br />mature and thereby protect the credit of the City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga 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 $300,000 for the purpose
<br />of acquiring, clearing and improving real estate for off-street parking
<br />of motor vehicles.
<br />
<br /> Section 2. That said bonds shall be dated approximately
<br />October 1, 1990, shall bear interest at the estimated rate of ten per
<br />centum (10%) per annum, payable semi-annually, until the principal sum
<br />is paid, and shall mature in ten (10) annual installments after their
<br />issuance.
<br />
<br /> Section 3. That it is hereby determined that notes (herein-
<br />after called the "Notes") in the principal amount of $300,000 shall be
<br />issued in anticipation of the issuance of said bonds for the above-
<br />described purpose. The Notes shall bear interest at a rate or rates not
<br />exceeding the maximum interest rate of fifteen per centum (15%) per
<br />annum, as may be fixed by the Director of Finance in his certificate
<br />
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