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ORDINANCE NO. 42-69 BY: Messrs. Kelley, Usher,
<br /> Ward, Wendling, Graber,
<br /> ~uffman
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes in
<br />anticipation.of the collection of special assessments and in anticipation
<br />of the issuance of bonds to pay the property owners' portion and the City's
<br />portion of the cost of improving certain streets in the City of Lakewood,
<br />Ohio, by the necessary grading of the base, resurfacing with asphaltic con-
<br />crete including'the necessary replacement and resetting of castings and the
<br />necessary resetting and replacing of curbs together with necessary appur-
<br />tenances thereto.
<br />
<br /> WHEREAS, the Council of the City o£ Lakewood has heretofore by
<br />proper legislation determined to proceed with the improvement of the streets
<br />hereinafter designated by the necessary grading of the base, resurfacing with
<br />asphaltic concrete including the necessary replacement and resetting of cast-
<br />ings and the necessary resetting and replacing of curbs together with necessary
<br />appurtenances thereto; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 27-67, enacted by the Council
<br />of the City of Lakewood on April 17, 1967, a note in the amount of $131,0OO
<br />dated June 5, 1967, was issued for the purpose hereinafter stated and matured
<br />on June 5, 1968; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 43-68, enacted .by the Council
<br />of the City of Lakewood on June 3, 1968, a note in the amount of $82,000
<br />dated June 5, 1968, was issued to retire a portion of the then outstanding
<br />note in the amount of $131,OO0, and said $82,000 note wttl mature on June 5,
<br />· 1969; and
<br />
<br /> WHEREAS, funds have become available to retire a portion of said
<br />outstanding note but leaving a balance due thereon of $78,700which must be
<br />funded by the issuance of a new note of the City of Lakewood in said amount;
<br />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 issuance and sale of the notes herein authorized
<br />to enable the City to retire its outstanding note which has matured and thereby
<br />preserve its credit;
<br />
<br /> NOW, THEREFOr, BE IT ORDAINED by the Council of the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby ~eclared necessary to issue bonds of
<br />the City of Lakewood in the principal sum of $78,700 for the purpose of
<br />paying the property owners' portion, in anticipation of the collection of
<br />special assessments, and the City's portion of the cost of improving Abbie-
<br />shire Avenue, Cove Avenue, Granger Avenue, Hopkins Avenue, IdlewoodAvenue,
<br />I~_keland Avenue, Nicholson Avenue, Northwood Avenue, Norton Avenue, Phelps
<br />Avenue, Sylvan Avenue and Woodford Avenue by the necessary grading, of the
<br />Base, resurfacing with asphaltic concrete including the necessary replace-
<br />ment and resetting of castings and the necessary resetting and replacing of
<br />curbs together' with necessary appurtenances, thereto, between the termini and
<br />in the manner provided in Resolutions Nos. 4542 to 4553, inclusive, passed
<br />February 20, 1967. Of said amount the City'sportion is $65,269.93, and
<br />the property owners' portion is $13,430.07.
<br />
<br /> Section 2. That said bonds shall be dated approximately June 1,
<br />1970, shall bear interest at the estimated rate of four per centum (45)
<br />per annum, payable semi-annually, until the principal sum is paid, and
<br />shall mature in five substantially equal installments after their issuance.
<br />
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