43-68 BAN owners portion to improve certain streets

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BY: Messrs. G~ber ORDINANCE NO. 43-68 Huffman, Kelley, Wendling, AN EMERGENCY ORDINANCE to provide for the issuance of notes in anticipation of the collection of special assessments and in anticipation of the issuance of bonds to pay the property owners' portion 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 con- crete including the necessary replacement and resetting of castings and the necessary resetting and replacing of curbs together with necessary appur- tenances thereto. WHEREAS, the Council of the City of Lakewood has heretofore by proper legislation determined to proceed with the improvement of the szreets hereinafter designated by the necessary gmading 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 necessary appurtenances thereto; and WHEREAS~ pursuant to Ordinance No. 26-6% enacted by the Council of the City of Lakewood on April 17~ 1967, a note in the amount of dated June 5~ 1967~ was issued for the purpose hereinafter stated and will mature on June 5~ 1968; and WHEREAS~ funds have become available to retire a portion of said outstanding note but leaving a balance due thereon of $82~000 which must be funded by the issuance of a new note of the City of Lakewood in said amount; 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 immediate issuance and sale of the notes herein authorized to enable the City to retire its outstanding note which has matured and thereby 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 $82~000 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 Abbie- shire Avenue~ Cove Avenue~ Granger Avenue~ Hopkins Avenue, Idlewocd 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- meut 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. 4542 to 4553~ inclusive~ passed February 2% 1967. Of said amount the City's portion is $65,269.93, and the property owners' portion is $16~730.07. Section 2. That said bonds shall be dated approximately June l~ 1969~ 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 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 retire the unpaid portion of said existing note dated June 5, 1967, it is hereby declared necessary to issue and there shall be issued notes in the aggregate principal amount of $82,000~,