27-67 BAN - owners portion to improve certain streets

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ORDINANCE NO. 2?-6? By: Messrs. Cain, Gaydos, Huffma~, Kelley, Usher, Ward and Wendling AN EMERGENCY ORDINANCE to provide for the issuance of notes in anti- cipation of the levy of special assessments and in anticipation of the issu- ance of bonds to pay the property owners' and 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 asphaltic concrete including the neces- sary replacement and resetting of castings ardthe necessary resetting and replacing of curbs together with necessary appurtenances thereto. WHEREAS~ the Council of the City of Lakewood has heretofore by proper legislation determined to proceed with the improvement of the streets herein- after designated by the necessary grading of the base~ resurfacing with asphaltic concrete including the necessary replacement and resetting of cast- ings and the necessary resetting and replacing of curbs together with neces- sary appurtenances thereto; and WHEREAS~ this Council by two-thirds vote ofthe members elected thereto 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 im- provements described herein which are urgently required to eliminate existing hazards to vehicular traffic using the streets of this City; NOW, THEREFORE, BE IT ORDAINED by 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 $137~100 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 Abb~e- shire Avenue, Cove Avenue~ Granger Avenue: Hopkins Avenue: Idlewood Avenue~ Lakeland Avenue~ Nicholson Avenue, Northwood Avenue, Norton Avenue, Phelps Avenue, Sylvan Avenue and Woodford Avenue by the necessary grading, of the base, resurfacing with asphaltic concrete including the necessary replace- ment and resetting of castings and the necessary resetting and replacing of curbs together with necessary appurtenances thereto, between the termini and in the manner provided in Resolutions Nos. 45~2 to 4553, inclusive, passed February 20, 1967. Of said amount the City's portion is $69,040.25, and the property owners' portion is $68,059.75. Section 2. That said bonds shall be dated approximately ~une 1~ 1968~ 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 installments after their issuance. Section 3. That for the purpose of raisi~ money in anticipation of the levy and 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 notes in the aggregate principal amount of $137~100. Section 4. That said notes shall be executed and issued at such time or times as may be found by the Director of Finance of this City to be neces- sary to meet the obligations incurred by this Council for the improvements