47-70 BAN property owners portion to improve streets

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OIIDII,V~ICE NO. 47-70 BY: Messrs. Graber, lluffman, Kelley, Usher, Ward, Wendling ~{ ~.~RGEUCY OI~DYH.!~i~CE to provide for thc issuance of notc~ in anticipation of thc collection of s!~ccial assessments and in anticiration of thc issuance of bonds to !~ the prope~%y our. ers' !~ortion and thc City's ~or- tion of the cost of ~nproving cc~ain strcsts 'in thc City of ~[cwood~ Chio~ by the necessary cradins of the base~ resurfacing with asphaltic concrete including thc necess~y replacement and resetting oi' castings a~ thc ncaes- rc~e~mno ~d replacing o~' c~u'bs ~" ~ ...... ~ s s~'y ~ ~" ~ ~ooctncr ~ith neccssa~ appoint ...... cc thereto. WHerEAS, this Council has hcreto£ore requested the Director of ce~tz_.zca~e as to. the estimated life of thc ~ ......... Finance to issue iris ..... + and the.~..ax.mtu.~'~ ~ matt~ity of the bonds hereina~er referred to and of ".'~ notes to be issued in ~ticipation of said bonds, and the Director of i~i~.~ce has ce~ified to this Cot~cil such estimated life as a~ least ten ~ ~ .... has fom~her certified the ~ue~xir.~m maturity of such notes as July 26, !~ ~ one yea_~ if sold privately; and i,~fEREAS, there is now available from revenues $2,690 which is to 'ce applied to the retirement of the outstanding $129~800 note, dated July 25~ ->~, and ~_ere ~ o ~AS, this Council by two-thirds vote .of the members elected ~ oh~ determines tt~t this ordinance is an emergency measure which is necessa-~y for irmnediate preservation of the public peace, property~ health and safety for the reason that the imm~ediate issuance and ssle of the notes herein authorized is necessary to enable the City to retire the outstanding note which is about to mature and thereby preserve its credit; NOW, TEEREFORE, BE IT 0RDAI~.,~D by .the Council of the City of Lakewood~ Cuyahoga Co~unty~ Ohio: Sebtion 1. ~Th~t it is .hereby declared necessary to issue bonds of the City of Lake~-~ood in the principal ~moont of $127~110 for'~ne purpose of paying the property o~mers' portion, in anticipation of the collection of special assessments~ and the City's portion of the cost of improving Beach Avenue, Brockley Avenue~ CranfOrd Avenue, Crest Lane~ Fry Avenue, La]~ewood Avenue, ~.{ars Avenue~ Roc]~.~ay Avenue, arxt Wayne Avenue and the City's portion of improving Highland Avenue by agreement with Cuyahoga County by the necessa~z grading of the base, resurfacir~z with asphaltic concrete~ replacing and re- setting of curbs together with the necessary appurteno~nces thereto~ bet;.~een the termini and in the manner provided in Ordinance Nos. 29-68 to 37-6U~ inc!us- ive~ passed l'.~y 6, 1968 s_nd Ordinance No. 48-67 passed July 17~ 1967. Of said amount the City;s portion is $116~354, and the property o~.mers' portion is $10~ 756. Section 2. That said bond~ shall, be d~ted appro×im, ately Jul6' 197!~ shall bear interest at the estLmdted rate of six and one-half per cen- turn (6~1/2%) per s_nnum, payable semi-aranually, until the principal s~~ is paid, and shall mature in five substantially equal annual insta]_b~ents ~er their issuance.