|
\
<br />
<br /> ORDI~i~NCE NO. 59-66 BY: Gaydos, Huffman, Kelley,
<br /> Usher and Ward
<br /> AN Et~ERGENCY ORDINANCE to provide for the issuance of notes in
<br />anticipation of the collection of speciaT assessments and in anticipation of the
<br />issuance of bonds to pay the property o~mers' and the City's portion of the
<br />cost of improving Armin Avenue and certain other streets in the City of
<br />Lakewood~ Ohio~ by the necessary grading of the base, resurfacing with
<br />asphaltic concrete ~cluding the necessary replacement and resetting of cast-
<br />ings and the necessary resetting and replacing of curbs.
<br />
<br /> WHEREAS, this Council has heretofore requested the Director of
<br />Finance to issue his certificate as to the estimated life of the improvement
<br />and the maximum maturity of the bonds hereinafter referred to and of the note
<br />to be issued in anticipation of said bonds, and the Director of Finance has
<br />certified to this Council such estimated life as exceeding five years and has
<br />further certified the maximum maturity of such bonds as July 2?, 1969~ or one
<br />year if sold privately; and
<br />
<br /> WHEREAS, there is now available from revenues $15~000 which is to
<br />be applied to the retirement of the outstanding $173~000 note dated
<br />July 27, 1965; and
<br />
<br /> WHEREAS, this Council by two-thirds vote of the members elected
<br />thereto determines that this ordinance is an emergency measure which is
<br />necessary for the immediate issuance and sale of the note herein authorized
<br />to enable the City to retire its outstanding uote which has m~tured and there-
<br />by preserve its credit;
<br />
<br /> NOW, THEREFORE~ BE IT ORDAINED by the Council of the City of Lake-
<br />wood, Cuyahoga County~ Ohio:
<br />
<br /> Section t. That it is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal sum of $158,OO0 for the purpose of paying
<br />the property owners' portion, in anticipation of the collection of special
<br />assessments, and the City's portion of the cost of improving Armin Avenue,
<br />Bayes Avenue~ ElburAvenue, Garfield Avenue, GlenburyAvenue, Jackson Avenue,
<br />Harlon Avenue, Larchmont Avenue, Maile Avenue, McKinley Avenue, Northland
<br />Avenue, Parkside Drive, Owego Avenue~ Richland Avenue, Roycroft Avenue, Shaw
<br />Avenue, Spring Garden Avenue, Winchester Avenue, andWyandotte Avenue by the
<br />necessary grading of the base, resurfacing with asphaltic concrete including
<br />the necessary replacement and resetting of castings and the necessary resetting
<br />and replacing of curbs~ between the termini and in the manner provided in
<br />Ordinance Nos. 46-64 to 64-64, inclusive, passed May 4, 1964. Of said amount
<br />the City's portion is $124~200~ and the property owners' portion is $33,800.
<br />
<br /> Section 2. That said bonds shall be dated approximately July 1, 1967~
<br />shall bear interest at the estimated rate of four per centum (4~) per annum,
<br />payable semi-annually, until the principal sum is paid, and shall mature in
<br />five substantially equal annual installments after their issuance.
<br />
<br /> Section 3. That for the purpose of raising money in anticipation of
<br />the collection of special assessments and of the issuance of the aforesaid
<br />bonds for the above described improvements and to the extent necessary to pay
<br />and retire the outstanding $173,000 note of the City dated July 27, 1965, it is
<br />hereby declared necessary to'issue and there shall be issued a note in the
<br />principal amount of $158,O00.
<br />
<br /> Section 4. Such note shall bear interest at the rate of
<br />three per centum (3~) per annum, payable at maturity, shall be
<br />dated July 27, 1966 and shall mature on or before one year from such date.
<br />
<br />
<br />
|