|
ORDINANCE NO.
<br />
<br />39-71
<br />
<br />BY: Messrs. Usher, Ward, Gaydos,
<br /> Graber, Huf fman
<br />
<br /> AN F~ERGENCY 0RDIUANCE 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, Ohio,
<br />by the necessary grading of the base, resurfacing with asphaltic concrete
<br />including the necessary replacement and resetting of castings and the necessary
<br />resetting and replacing of curbs together with necessary appurtenances thereto.
<br /> W}~DE~RF3\S, the Council of the City of Lakewood has heretofore by proper
<br />legislation determined to proceed with the improvement of' the streets herein-
<br />after designated by the necessar5r grading of the base, resurfacing with
<br />asphaltic concrete including the necesssary replacement and resetting of cast-
<br />ings and the necessary resetting and replacing of curbs together with necessary
<br />appurtenances thereto; and
<br /> ~[E_~RF~S, a note was heretofore issued to provide funds to construct
<br /> the improvements hereinafter mentioned and such note was thereafter renewed
<br /> but in reduced am..ounts as moneys became available to pay the principal of the
<br /> outstanding indebtedness ~ and
<br />
<br /> I~{EREAS, the City portion of such notes issued in 1969 for the
<br /> improvements mentioned below has been included in a bond issue heretofore
<br /> authorized in the mnount of $300,000; and
<br /> I,~REAS, there is available the sum of $3,3h0 to reduce the property
<br /> owners portion of the ~75,350 note of the City' authorized by Ordinance
<br /> No. 29-70; and
<br /> %IHERREAS, this Council b., two-thirds vote of the members elected
<br /> thereto determines that this ordinance is an em~:rgency measure %~hich is
<br /> necessary for the immediate preservation of the public peace, property,
<br /> health and safety and for the further reason that th.~:~ i~,~ediate is?,uance and
<br /> sale of the notes herein authorized s~e necessary to enable the Ci' .z to retire
<br /> its outstanding note ~.~hich is about to r,~ature and thereby preserve its credit;
<br /> NOW, THIVR-,~FOEE, BE IT ORDAINED by the Council of the City of
<br /> Lak. ewood~ Cuyahoga Co~ty, 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 $6,690 for the purpos,~ of paying
<br /> the property ovmers portion, in anticipation of the collection of special
<br /> assessments, of the cost of improving Abbieshire Avenue, Cove Avenue, Granger
<br /> Avenue, Hopkins Avenue, Idl'~ood Avenue, Lakeland Avenue, L~icholson Avenue,
<br /> Northwood Avenue, Uorton Avenue, Phelps AvenUe, Sylvan Avenue and Woodford
<br /> Avenue by the ?,ecessary grading of the base, res~facing ~ith asphaltic con-
<br /> crete including the necessary replacement s_nd resetting of castings and the
<br /> necessary resetting and replacing of curbs together with necessary appurten-
<br /> ances thereto, between the termini smd in the manner provided in Resolutions
<br /> Nos. 4542 to 4553, inclusive, passed February 20, 1967.
<br /> Section 2. That said bonds shall be dated approximately June 1,
<br /> 1972, shall bear interest at the estimated rate of six per centum (6[) t~er
<br /> annum, payable semi-annually, until the princ~0al sum is paid, and shall
<br /> mature in five substantially equal installments after their issuance.
<br /> Section 3. That for the purpose of raising money in anticipation
<br /> of the collection of soeciai assessments and of the issuance of the aforesaid
<br /> bonds for the above described improvements, and to retire the unpaid portion
<br /> of said existing note dated June 5, 1970, it is hereby declared necessary to
<br />
<br />
<br />
|