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PLACED ON 1st Reading & Referred
<br />TO FINANCE CMTE on -/21/9-.
<br /> PLACED ON 2nd Reading on 9 2/97.
<br />
<br />ORDINANCE NO. 36-97
<br />
<br />By: Boscia, Corrigan, Flannery,
<br /> George, Roth, Seelie, Smith
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $220.000 1990 Real Estate
<br />Acquisition Bond Anticipation Notes - 1997 Renewal of the City of Lakewood, Ohio. in
<br />anticipation of the issuance of bonds for the purpose of construcung roadways and installing
<br />water mains, sanitary and storm sewers and sidewalks and all necessary appurtenances thereto,
<br />improwng sites for off-street parking of motor vehicles and a park and acquiring real estate
<br />therefor.
<br />
<br /> WHEREAS. this Council desires to exercise its powers pursuant to Sections 3. 7
<br />and 10 of Article XVIII of the Ohio Constitution to acquire and improve real estate and issue the
<br />notes hereinafter authorized for such purpose; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 83-90 passed October 1, 1990, this
<br />Council authorized the issuance of notes in anticipation of the issuance of bonds in the principal
<br />amount of $1,500,000 for the purpose hereinafter stated, which notes were dated October 10,
<br />1990, and matured on October 10, 1991, which notes were retired with the proceeds of notes in
<br />the principal amount of $2.500,000, which notes were dated October 10. 1991 and matured on
<br />October 9. 1992, which notes were retired with the proceeds of notes in the principal amount of
<br />$2,500,000, which notes were dated October 9, 1992 and matured on October 8. 1993, which
<br />notes were retired with the proceeds of notes in the pfindpal amount of $2,100,000. which notes
<br />were dated October 8, 1993 and matured on October 7, 1994, which notes were retired with the
<br />proceeds of notes in the principal amount of $2,350,000, which notes were dated October 7, 1994
<br />and were retired in part on May 10, 1995 with the proceeds of bonds in the principal amount of
<br />$2,075,000, which notes in the remaining principal amount of $275.000 matured on October 6,
<br />1995, which notes were retired with monies in the amount of $55,000 and the proceeds of notes
<br />in the principal amount of $220,000, which notes were dated October 5, 1995 and matured on
<br />October 4, 1996, which notes were retired with the proceeds of notes in the principal amount of
<br />$220,000, which notes are dated October 4, 1996 and will mature on October 3, 1997; and
<br />
<br /> WHEREAS, the Council of the City has determined that the outstanding pnncipal
<br />of said notes in the principal amount of $220,000 shall be funded by the issuance of new notes in
<br />anticipation of the issuance of bonds for the purpose hereinafter stated; and
<br />
<br /> WHEREAS, the Fiscal Officer has certified to this Council that the estimated life
<br />of the improvements hereinafter mentioned is at least five (5) years and has further certified the
<br />maximum maturity of the hereinafter mentioned bonds is twenty (20) years and that the
<br />maximum maturity of notes issued in anticipation of said bonds is eighteen (18) years from the
<br />date of issuance of the original notes; and
<br />
<br /> WHEREAS. this ordinance is an emergency measure which ts necessary for the
<br />immediate preservation of the public peace, property, health, safety and welfare in the City and
<br />for the further reason that the immediate issuance and sale of the notes herein authorized is
<br />necessary to provide funds to retire the outstanding notes which are about to mature and thereby
<br />protect the credit of the City:
<br />
<br /> NOW. THEREFORE. BE IT ORDAINED by the City of Lakewood. Cuyahoga
<br />Count.v. Ohio:
<br />
<br />
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