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ORDINANCE NO. 40-71 BY: Messrs. Ward, Gaydos, Graber,
<br /> Huf fman, Usher
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of a nOte in
<br />anticipation of the levy of special assessments and in anticipation of the
<br />issuance of bonds to pay the property owners' portion of the cost of
<br />improving certain properties for off-street parking of motor vehicles in the
<br />City of Lakewood, Ohio, by acquiring real estate, demolishing existing
<br />buildings, grading, paving, curbing, lighting, fencing and providing drainage
<br />facilities together with the necessary appurtenances thereto and widening
<br />Carabel Avenue in front of such properties by relocating the curb and grading
<br />and paving. '
<br />
<br /> WHEREAS, the Council of the City of Lakewood has heretofore by
<br />proper legislation determined to p~oceed with the improvement of certain
<br />properties for off-street parking of motor vehicles by acquiring real estate,
<br />demolishing existing buildings, grading, pa~ing, curbing, lighting, fencing
<br />and providing drainage facilities together ~lth the necessary appurtenances
<br />thereto and ~idening Carabel Avenue in connection therewith; and
<br />
<br /> WHEREAS, there is now available the sum of ~,370 which is to be
<br />applied to the retirement of the outstanding $56,'900 note dated May 29, 1970;
<br />and
<br />
<br /> WHERF~AS, 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 immediat'e preservation of the public peace, property, health
<br />and safety and for the further reason that the immediate issuance and sale of
<br />the note herein authorized is necessary to enable the City to preserve its
<br />credit by retiring at maturity the outstandiqg note which is about to mature;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood,
<br />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 $54~530 in s~nticipation of the
<br />collection of special assessments to pay the pr¢~>erty owners' portion of the
<br />costs of improving properties described in Resolution No. 4569, adopted
<br />May 15~ 1967, by acquiring real estate, demolishing existing buildings,
<br />grading, pa~ng~ curbing, lighting, fencing ~ad providing drainage facilities
<br />together vrith the necessary appurtenances thereto and widening Carabel Avenue
<br />in connection therevrith.
<br />
<br /> Section 2. That said bonds shall be dated approximately M~y 1, 1972,
<br />shall bear interest at the estimated rate of six per centu!~ (6~) per annum,
<br />payable semi-annually, until the p~?incipal s~uu is oaid, and shall mature in
<br />twenty-five substantially equal annual installment~ after their issuance.
<br />
<br /> Section 3. That for the purpose of raising money in anticipation
<br />of the levy and collection of special assessments and of the issuance of the
<br />aforesaid bonds for the above described improvement, it is hereby'declared
<br />necessary to issue and there shall be issued a note in the principal amount
<br />of $54,530.
<br />
<br /> Section 4. Such note shall bear interest at a rate not exceeding
<br />five per centum (5%) per annum, payable at maturity, shall be dated M~y 28, 1971
<br />and shall mature on or before one year from such date.
<br />
<br /> That such note shall be executed by the M~yor and Director of ~nance
<br />and bear the seal of the Corporation. It shall be payable at the office of
<br />the Director of Finance, City Hall, Lakewood, Ohio, ~nd shall express upon
<br />its face the purpose for which it is issued and that it is issued pursuant to
<br />this ordinance.
<br />
<br /> Section 5. All assessments collected for the improvement aforesaid,
<br />and any unexpended balance remaining in the imnrovement fund at%er the costs
<br />and expen~;es of said improvements have been pa~d, shall be applied to the
<br />payment o~' said note and the interest thereon trntil both are l'ully prowlded for.
<br />
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