60-66 BAN - owners portion to improve certain streets

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ORDINANCE NO. 60~66 BY: AN EMERGENCY ORDINANCE to provide for the issuance of a note in aaticipation of the collection of special assessments and in anticipation of the issuance of bonds to pay the property o~mers' and the City's portion of the cost of improving certain streets in the City of Lakewood, Ohio, between certain termini, 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. WHEREAS, this Council has heretofore requested the Director of finance to issue his certificate as to the estimated life of the improvement m~d the maximum maturity of the bonds hereinafter referred to and of the note to be issued in anticipation of said bonds, and the Director of Finance has certified to this Council such estimated life as exceeding five years and has further certified the maximum maturity of such bonds as five years and of such note as July 6, 1970, or one year if sold privately; and WHEREAS, there is now available from revenues .$33,,000which.~ tO be applied to the retirement of the outstanding $100,000 note dated July 6, 1965; and WHEP, EAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessaa-y for the immediate issuance and sale of the note herein authorized to enable the City to retire its outstanding note which has matured and there- by preserve its credit; '~ NOW~ THEREFORE~ 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 Lakewood in the principal sum of $67,000 for the purpose of paying the property owners' portion, in anticipation of the collection of special assessments, and the City's portion of the cost of improving Baxterly Avenue, Cordova Avenue, Gladys Avenue, Lakewood Avenue~ Olivewood Avenue and Winton Avenue by the necessary grading of the base, resurfacing with asphaltic con- crete including the necessary replacement and resetting of castings and the necessary resetting and replacing of curbing together with the necessary appurtenances thereto, between the termini and in the manner provided in Ordinance Nos. 40-65 to 45-65~ inclusive~ passed May 3, 1965. Of said amount the City's portion is $54~721.49, and the property owners' portion is ~12,278.51. Section 2. That said bonds shall be dated approximately July l~ 1967~ shall bear interest at the estimated rate of four per centum (4~) per annum~ payable semi-annually, until the principal sum is paid, and shall mature in five substantially equal sanual installments aI~ter their issuance. Section 3. That for the purpose of raising money in anticipation of the collection of special assessments and of the issuance of the aforesaid bonds for the above described improvements and to the extent necessary to pay and retire the outstanding $100,O00 note of the City dated July 6, 1965~ it is hereby declared necessary to issue and there shall be issued a note in the principal amount of $67:000. Section 4. Such note shall bear interest at the rate of three per centum (3~) per annum, payable at maturity, shall be dated July ~?, 1966 and shall mature on or before one year from such date.