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ORDINANCE NO. 57-69 BY: Messrs. U~her, Ward,
<br /> Wendling, Gaydos, Graber,
<br /> Huffman
<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' and the City's portion
<br />of the cost of improving certain streets in the City of La~ewood, Ohio, by
<br />the necessmry grading of the base, resurfacing with asphaltic concrete
<br />including the necessary replacement ~nd resetting of castings and the
<br />necessary resetting and replacing of curbs.
<br />
<br /> WHEREAS, this Council has heretofore requested the Director of
<br />Finance to issue his certificate as t° the estimated life of the improvement
<br />and the m~ximumm~turity of the bonds hereinafter referred to and of the notes
<br />to be issued in anticipation of said bonds, and the Director of Finance has
<br />certified to this Council such estimated life as at lest ten years and has
<br />further certified the maximum maturity of such notes as June 21, 1971, or
<br />one year if sold privately; and
<br />
<br /> WHEREAS, there is now available from revenues $8,400 which is to
<br />be applied to the retirement of the outstanding $101,900. note, dated July 26,
<br />1968; 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 for the reason that the immediate issuance and sale of
<br />the notes herein authorized is necessary to enable the City to retire the
<br />outstanding note which is about to m~ture and thereby preserve its credit.
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of
<br />Lakewood, Cuys2Goga 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 $93,500 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
<br />Andrews Avenue, Cliffdale Avenue, Donald Avenue, Edgew~ter Drive, I~keland
<br />Avenue, La~k Street, Orchard Grove Avenue, Park Place, Ridgewood Avenue,
<br />Leedale Avenue, Robin Street, Rosewood Avenue, and Rosalie Avenue by the
<br />necessary grading of the base, resurfacing with asphaltic concrete includ-
<br />ing the necessary replacement and resetting of castings and the necessary
<br />resetting amd replacing of curbs, between the termini and in the'manner
<br />provided in Ordinance Nos. 29-66 to 41-66, inclusive, passed April 18, 1966.
<br />Of said amount the City's portion is $77,300~ and the property owners'
<br />portion is $16,200.
<br />
<br /> Section 2. That said bonds sh~ll be dated approximately July l,
<br />1970, shall bear interest at the estimated rate of four per centum (45) per
<br />annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in five substantially equal annual installments after their issuance.
<br />
<br /> Section 3. That for the purpose of raising money in anticipation
<br />of the collection of special assessments and of the issuance of the aforesaid
<br />bonds for the above described improvements and to the extent necessary to pay
<br />and retire the outstanding $101,900 note of the City dated July 26, 1968, it
<br />is hereby declared necessary to issue and there shall be issued notes in the.
<br />princip~l amount of $9~,500.
<br />
<br /> Section 4. That such anticipatory notes in the amount aforesaid
<br /> shall bear interest at the rate of five and one-half per centum (5-1/2%) per
<br /> annum, such interest to be payable at maturity. Such notes shall be dated
<br /> July 25, 1969, and shall m~ture on or before one yemr from date; amd shall be
<br />%issued in such numberand denomination as requested by the purchaser.
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