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ORDINANCE NO. 29-70
<br />
<br />BY: Messrs. Huffman, Kelley, Usher, Ward,
<br /> Wendling, Gaydos, Graber
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes in
<br />anticipation of the collection of special assessments and in anticioation
<br />of the issuance of bonds to pay the property owners' portion and th~ City's
<br />portion of the cost of improving certain streets in the City of Lahewood,
<br />Ohio, by the necessary grading of the base, resurfacing with asphaltic
<br />concrete including the necessary replacement and resetting of castings and
<br />the necessary resetting and replacing of curbs together with necessary
<br />appurtenances thereto.
<br />
<br /> WHERFAS, the Council of the City of LsJ~ewood 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 ~cith
<br />asphaltic concrete includin~ the necessary replacement and resetting of
<br />castings and the necessary resetting and replacing of curbs together with
<br />necessary appurtenances thereto; and
<br />
<br /> %~IEREAS, pursuant to Ordinance No. 26-67, enacted by the Council
<br />of the City of Lakewood on April 17, 1967, a note in the amount of $131,000
<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 Jun~ 3, 1968, a note in the amount of $82,000
<br />dated June 5, 1968, w~s issued to retire a portion of the then outstanding
<br />note in the amount of $131,000; and
<br />
<br /> WHEthVAS, pursuant to Ordinance No. 42-69, enacted by the Council
<br />of the City of Lakewood on June 2, 1969, a note in the ~mount of $78,700
<br />dated June 5, 1969, was issued to retire a portion of the then outstanding
<br />note in the amount of $82,000, and said $78,700 note will mature on or before
<br />June 5, 1970; and
<br />
<br /> WHEREAS, fkunds have become available to retire a portion of said
<br />outstanding note but leaving a balance due thereon of $75,350 which must be
<br />funded by the issuance of a new note of the City of Lakewood in said amount;
<br />and
<br />
<br /> WHERFAS, 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, pmoperty,
<br />health and safety and for the further reason that the immediate issuance
<br />and sale of the notes herein authorized are necessary to enable the City
<br />to retire its outstanding note which is about to mature and thereby preserve
<br />its credit;
<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 $75,350 for the purpose of paying
<br />the property owners' portion, in anticipation of the collection of soecial
<br />assessments, and the City's portion of the cost of improving Abbieshire Avenue,
<br />Cove Avenue, Granger Avenue, Hopkins Avenue, Idlewood Avenue, Lakeland
<br />Avenue, Nicholson Avenue, Northwood Avenue, Norton Avenue, Phelps Avenue,
<br />Sylvan Avenue and Wood_ford Avenue by the necessary grading of the base,
<br />resurfacing with asphaltic concrete including the necessary replacement
<br />and resetting of castings and the necessary resetting and replacing of
<br />curbs together with necessary appurtenances thereto, between the termini
<br />and in them~nner provided in Resolutions Nos. 4542 to 4553, inclusive,
<br />passed February 20~ 1967. Of said amount the City's portion is $65,320,
<br />and the property owners' portion is $10,O30.
<br />
<br />
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