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ORDINANCE N0. 41-68
<br />
<br />Mc~srs. Gaydos, ~raber,
<br />Huffman, Kelley, Usher,
<br />Ward, Wendling
<br />
<br /> AN F~RGENCY 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 owners' portion of the cost of improv-
<br />ing certain properties for off street parking of motor vehicles in the City
<br />of Lakewood, Ohio, by acquiring real estate, demolishing existing buildings,
<br />grading, paving, curbing, lighting, fencing and providing drainage facili-
<br />ties together withthe necessary appurtenances thereto and widening Carabel
<br />Avenue in front of such properties by relocating the curb and grading and
<br />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 by acquiring real
<br />estate, demolishing existing buildings, grading, paving, curbing, light-
<br />ing, fencing and providing drainage facilities together with the neces-
<br />sary appurtenances thereto and widening Carabel Avenue in connection
<br />therewith; and
<br />
<br /> WHEREAS, there is now available from the Construction Fund $7,000
<br />which is to be applied to the retirement of the outstanding $70,000 note
<br />dated May 29, 1967; 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 preservation of the public peace, property,
<br />health and safety and for the further reason that the immediate issuance
<br />and sale of the note herein authorized is necessary to enable the City
<br />to preserve its credit by retiring at maturity the outstanding note which
<br />is about to mature;
<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 $63,000 in anticipation of the
<br />collection of special assessments to pay the property owners' portion of the
<br />costs of improving properties described in Resolution No. 4569 adopted May 15,
<br />1967, by acquiring real estate, demolishing existing buildings, grading,
<br />paving, curbing, lighting, fencing and providing drainage facilities to-
<br />gether 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,
<br />1969, shall bear interest at the estimated rate of four and one-half per
<br />centum (4-1/2~) per annum, payable semi-annually, until the principal
<br />sum is paid, and sh~ll mature in twenty-five substantially equal annual
<br />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 improvement, it is hereby declared
<br />necessary to issue and there shall be issued a note in the principal amount
<br />of $63,000.
<br />
<br /> Section 4. Such note shall bear interest at the rate of Three and
<br />seventy-five per cent~ ~3.75 ~) per annum, payable at maturity, shall
<br /> be dated the date of its issuance and shall mature on or before one year
<br /> from such date.
<br />
<br />
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