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ORDINANCE NO. 31-67
<br />
<br />BY:Messrs. Usher, Ward, Weudling,
<br /> Cain, Gaydos, Huffman, Kelley
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of a note in
<br />anticipation of the levy of special assessments and in anticipation of the
<br />issuance of bonds to pay the property owner's portion of the cost of im-
<br />proving certain properties for off street parking of motor vehicles iu the
<br />City of Lakawood, Ohio, by acquiring real estate, demolishing existing
<br />buildings, grading, paving, curbing, lighting, fencing and providing
<br />drainage facilities together with the necessary appurtenances thereto and
<br />widening Carabel Avenue in front of such properties by relocating the curb
<br />and grading and paving.
<br />
<br /> WHEREAS, the Council of the City of Lakewood has heretofore by
<br />proper legislation determined to proceed with the improvement of certain
<br />properties for off street parking of motor vehicles hereinafter designated
<br />by acquiring real estate, demolishing existing buildings, grading, paving,
<br />curbing, ligkting, fencing and providing drainage facilities together with
<br />the necessary appurtenances thereto and widening Carabel Avenue in connection
<br />therewith; and
<br />
<br /> WHEREAS, this Council by two-thirde 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 notes herein authorized
<br />to enable the City to enter ~nto construction contracts to provide the
<br />prowements described herein which are urgently required to eliminate existing
<br />hazards to vehicular traffic using the-streets of this City;
<br />
<br /> NOW THEREFORE, BE IT ORDAINED by the Council of the City of
<br />Lakewood, Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue'bonds of
<br />the City of Lakewood in the principal sum of $70,000 in anticipation of the
<br />levy and collection of special assessments to pay the property owners' portion ..
<br />of the costs of improving the properties described in Resolution No. 4569
<br />adopted May 15, 1967 by acquiring real estate, demolishing existing buildings,
<br />grading, paving, curbing, lighting, fencing and providing drainage facilities
<br />together with the necessary appurtenances thereto and widening Carabel Avenue
<br />in connection therewith.
<br />
<br /> Section 2. That said bonds shall be dated approximately May 1, 1968,
<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 />twenty-five substantially equal annual installments after their issuance.
<br />
<br /> Section 3. That for the purpose of raising money in anticipation
<br />of the levy and collection of special assessments and of the issuance of the
<br />aforesaid bonds for the above described improvements, it is hereby declared
<br />necessary to issue and there shall be issued a note in the principal amount of
<br />$70,000.
<br />
<br /> Section 4. Such note shall bear interest at the rate of two and
<br />seven-tenths per centum (2.7%) per annum, payable at maturity, shall be
<br />dated the date of its issuance amd shall mature on or before one year from
<br />such date.
<br />
<br /> Section 5. That such note shall be executed by the Mayor and
<br />Director of Finance and bear the seal of:the corporation. It shall be
<br />payable at the office of the Director of Finance, City Hall, Lakewood, Ohio,
<br />and shall express upon its face the purpose for which it is issued and
<br />that it is issued pursuant to this ordinance.
<br />
<br /> Section 6. All assessments collected for the improvement aforeaaid,
<br />and any unexpe~ded balance remaining in the improvement fund after the costs
<br />
<br />
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