34-59 BAN - resurface, grade & drain Lake Ave

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-, Fai~grieve, Gaydos, Qotte~meyer, Lawther, Ward, Fahrenbach. Messrs. BY: 34-59 ~ 0RDINANCE NO. \1 AN EMERGENCY ORDINANCE to provide for the issuance of a note by the City of Lakewood, 0hio, in anticipation of the issuance of bonds to pro- vide a fund for the resärfacing, grading and draining of Lake Avenue. WHEREAS, This Council has re~uested the Director of Finance issue his certificate as to the estimated life of the improvement to constructed from the proceeds of the bonds he~einafter referred to, and of the note to be issued in anticipation of said bonds, and as to the maximUlll matäri ty of such bomis and note, and the Director @f Finance has certified to this Council such estimated life as exceeding five years and has further certified the maximUlll matärity of such bonds as ten years and such 1Il0te as two years, and to be WHEREAS, An emergency exists in that said Lake Avenue is in im- mediate need of resurfacing, grading and draining, and the passage of this ordinance is necessary to make funds available for said project, färther because it provides for the immediate preservation of the public property, safety and the usual daily operation of a municipal department, now, therefore, STATE 0F IT ORDAINEÐ BY THE C0UNCIL OF THE CITY ®F LAKEW00D, :BE OHIO: Section 1. That this Council deems it necessary to issue bonds of the City of Lakewood in the principal SUlll of seventy two thousand dollars, in order to provide a fund for the purpose of resurfacing, grading and draining of Lake Avenue within the City of Lakewood. Section 2. That said bonds of the City of Lakewood shall be issued in the principal sum of seventy t~ thousand dollars for the purpose aforesaid. Saidjbonds skall be of the denomination of one thousand dollars and shall be dated July 1, 1960; shall bear interest at the rate of three per cent per annum, payable semi-annually on the first day of April and the first day of October of each year until the prinoipal sum is paid, and shall mature as follows: seven thousand dollars on October 1st of the years 1961 to 1968, both inclusive, and eight thousand dollars on October 1st in the years 1969 and 1970, such maturit¥es are hereby determined to be in substantially e~ual installments. That it is necessary and this Council hereby deter- shall be issued in anticipation of the issuance of SectioIl 3. mines that a note said bonds. Section 4. That such anticipatory note in the sum of seventy two thousand dollars, which sum does not exceed the amount of the bond issue, shall be issued bearing interest at the rate of three per cent per annum, payable at maturity. Such note shall be dated June 22, 1959, and shall mature on July 31, 1960, provided, however, that such note shall be redeemable at any time prior to maturity. Section 5. Such note shall be prepared by the Director of Law and shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. It shall be designated "Lake Avenue Improve- mentNote" ana shall be payable at the office of the Director of Finance of the City of Lakewood; it shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 6. Said note shall be first offered to the Director of Finance of the City of Lakewood and to the officers having charge of the treasury investment account, and if it shall not be taken by said off-