53-66 BAN - owners portion to improve certain streets

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ORDINANCE }~O~ if: AN ~E~RGENCYE[qDLNANCE 1to provide for the issua~;ce of a note in anticipation of the levy of special assessments and in anticipation of the issuance of bonds to pay the property o'~mers' portion of 'the cost of improving certain streets in the City of LaJ~ewood~ Ohio~ by the necessary grading of the base~ resurfacing with asphaltic concrete including the necess- ary replacement and resetting of castings and the necessary resetting and replacing of curbing togethe~ with the necessary appurtenances 'thereto. ~¢EREAS~ the Council of the City of Lakewood 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 casting: and the necessary resetting and replacing of curbing together with the necess- ary appurtenances thereto; sad WH~LEAS, this Council by two-thirds vote of the members elected %hereto determines that this ordinance is an emergency measure which is necessary for the immediate issuance and sale of the notes herein authorized to enable the City to enter into construction contracts to provide the improve- ments described herein which are urgently required to eliminate existing hmzard~ to vehiculaa- traffic using the streets of this City; NOW~ TIiEREFORE~ BE IT ORDAINED by the Council of the City of Lakewood, Cuyahoga County~ Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lahewood in the principal sum of $8~120 in anticipation oF the levy and collection of special assessments ~o pay the property owners' portion of the costs of improving Andrews Avenue~ Ciiffdale Avenu% Donald Avenue, Edgewater Drive~ Lakeland Avenue~ Lark Street~ Orchard Grove Avenue, Park Place~ Ridgewood Avenue~ Leedale Avenue, Robin Street~ Rosewood Avenue and Rosalie Avenue by the necessary grading of the base~ resurfac~ng with asphaltic concrete including the necessary replaceg~ent and resetting of castings and the necessary resetting and replacing of curbing together with the necess- ary appurtenances thereto, between ~he terminz and an the manner provided in Ordinance Nos. R9-66 to 41~66~ inclusive~ passed April 18~ 1966. Section 2. That said bonds she~tl be dated approximately July l, 1967~ shall bear interest at the estimated rate of four per cent~n~ (4~) per annum, payable semi-annual~v, until the principal sum is paid, and shall mature in five substantially equal annual installments after their xssuanee. Section 3. That for the purpose of raising money in anticipation of the levy sad collection of special assessments and 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 $$4,1~o. Section 4. Such note shall bear interest at the rate of three per centum (3~) per annum, I~yable 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 and D~rec6or of Finance and bear the seal of the corporation. It shall be