52-66 BAN - City's portion to improve certain streets

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OIIDINANCE NO. 52-66 Cain, Gaydos, Kelley, Usher, Ward, Wendling AN EMERGENCY ORDINANCE to provLde for the issuance of m ~note .in anticipation of the issuance of bonds to pay the City's portion of the cost of improving certain streets in the City of Lakewood, Ohio, by the necessary grading of the base, resurfacing with asphaltid concrete including the necess- ary replacement aad resetting of castings and the necessary resetting and replacing of curbing together with the necessary appurtenances thereto. WHEREAS, the Council of the City of LM~ewood has heretofore by proper legislation determined to proceed with the improvement of the streets hereinafter designated by the necessary grading of the base~ resurfacing with asphaltic concrete including the necessary replacement and resetting of castings and the necessary resetting and replacing of curbing together with the necessary appurtenances thereto; and WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the immediate issuance and sale of the notes herein anthorized to enable the City to enter into construction contracts to provide the improve- ments described herein which are urgently required to eliminate existing hazards to vehicular traffic using the streets of this City; NOW~ TtiEREFORE, BE IT ORDAINED by the Council of the City of Lake- wood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of L~kewood in the principal sum of $85~880 for the purpose of paying the City's portion of the costs of improving AndrewsAvenue, Cliffdale A~enue, Donald Avenue, Edgewater Drive. Lakelaud Avenue, Lark Street, Oz~hard Grove Avenue~ P~rk Place, RidgewoodAven~e~ Leedale Avenue, Robin Street, Rosewood Avenue~ and Rosalie Avenue by the necessary grading of the base~ resu~,fae~ng with aaRha~ti¢ concrete including the necessary replacement ~ud resetting of castings and ~he necessary resetting and replacing of curbing together with the necessary appurtenances thereto~ between the termini and in the manner provided in Ordinance Nos. 29-66 to 41-66~ inclusive, passed April t8~ 1~ Section 2. That said bonds shall be dated approximately July 1, 19677 shall bear interest at the estimated mate of four per centum (4~) per annum, payable semi-aunually, until the principal sum is paid, and shall mature in five substantially equal annual inst~llments after their issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds for the above described improvements~ it is hereby declared necessary to issue and there shall be issued a note in the principal amount of $85,880. Section 4. Such note shall bear interest at the rate of three per centum (3~) per annum, payable at maturity, shall be dated the date of its issuance and shall mature on or before one year'from such date. Section 5. That such note shall be executed by the Mayor S~d Director of Finance and bear the sea& of the corporation. It shall be payable at the office of the Director of Finance, City Hall~ Lakewood, Ohio ~nd shall express upon its face the purpose for which it is issued snd that it is issued pursuant to this ordinance.