41-67 BAN - Owners portion to improve certain streets

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ORDINAl!CE NO. 41-67 BY Messrs. Cain, Gaydos, Huffman, Kelley, USher, Ward AN E~RGENCY ORDINA~CE to provide for the issuance of note~d~Cipatio~ of the collection of special assessments and in anticipation of the issuance 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~, resurfac lng with asphaltic concrete including the necessary replacement and resetting of castings and the necessary resetting and replacing of curbs~ WHEREAS, this Council has heretofore requested the Director of Finance to issue his certificate as to the estimated life of the improvement and 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 ms~ximum maturity of such notes as June R1, 19?l, or one year if sold privately and ~EREAS~ there is now available from revenues ~51,120 which is to be applie. to the retirement of the outstanding $170,000 notes dated June 21~ 1966 and August l, 1966~ and WHEREAS, this Council by two..thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the imu~ediate issuance and sale of the note herein authorized to enable the City to retire its outstanding note which has matured and thereby preserve its credit; i~OW~ THEREFORE~ BE IT ORDAINED by the Council of the City of Lakewood~ Cuyahoga County~ Ohio: Section 1. That it is hereby declared necesss~y to issue bonds of the City of Lak~o--d~"~ the principal sum of ~118,880 For the purpose of paying the property owners' portion~ in antzczpat_on of the collection of special assessments~ and the City's portion of the cost of improving Andrews Avenue~ Clif£dale Avenue, 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, resurfacin~ with asphaltic concrete including the necessary replacement and resetting of castings and the necessary resetting and replacing of curbs~ between the termini and in the manner provided in Ordinance No. 29~66 to 41~-66~ inclusive, passed April 18, 1966. Of said ~mount the City'S portion is $85~880~ and the property owners~ portion is $$~,000. Section ~. That said bonds shall be dated approximately July l~ 1968, shal' bear interest at the estimated rate of four per centum (b%) per annum payable semi- annually, until the princip~l sum is paid= and shall mature in five substantially equal annual installments after their issuance. ~_~eg~_~.. That for the purpose of raisinf~ money in ~ntici~ation 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 out- standing ~l?0,O00 notesof the City dated June ~l~ 1966 and August l, 1966~ it is hereby declared necessary to issue and there shall be issued a note in the principal amount of $118,880. Section ~. Such note shall bear interest at the rate of Two and three- quarters per centum (2.~B/~) per annum~ payeble at maturity shall be dated July ~%, 196% and shall mature on or before one year from such date. Section 5. That such note shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. It shall be p~yable at the office of the Director of Finance, City Hall~ Lakewood~ 0hio~ and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance~