51-71 BAN property owners portion to impprove certain streets

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ORDINANCE NO. 51-71 BY: Messrs. Graber, Huffman, Kelley, Usher, Ward, Wendling AN ~24ERGENCY ORDINANCE to provide for the issuance of notes in anticipation of the levy of special assessments and in anticipation of the issuance of bonds to pay the property owner's and the City's portion of the cost of improving certain streets in the City of Lakewood, Ohio, by the necessary grading of the base, resurfacing ~ith asphaltic concrete including the necessa_~y replacement and resetting of castings and the necessary resetting ~nd replacing of curbs together with necessary appurtenances thereto. WHEREAS, the Council of the City of Lakewood has heretofore by pro- per legislation determined to proceed with the improvement of the streets hereinafter designated by the necessary grading of the base, resurfacing with asphaltic concrete including the necessary replacement and resetting of castings and the necessary resetting and replacing of curbs together with necessary appurtenances thereto; and WHEREAS, there has heretofore been issued pursuant to Ordinance No. 24-70 passed on April 20, 1970 a note to pay the costs of said improve- merits; and WHEREAS, there is now available moneys to reduce said note in principal amount to $58,760; and WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the immediate issUance and sale of the notes herein authorized tO enable the City to enter into construction contracts to provide the improve- ments described herein which are urgently required to eliminate existing hazards to vehicular traffic using the streets of this City; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. That kt is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount', of $58,760 for the purpose of paying the property owner's portion, in anticipation of the collection of special assessments, and the City's portion of the cost of improving Belle Avenue, Ethel Avenue, GridleY Street, Halstead Street, Rio Street, Robinwood Avenue and Scenic Street by the necessary grading of the base, resurfacing with asphaltic concrete, replacing and resetting of curbs together with the necessary appurtenances thereto, between the termini and in the manner pro- vided in Resolutions Nos. h756, 4758, 4759, 4760, 4761, 4762, and 4763, passed February 16, 1970. Of said amount the City'.s portion is $45,900 and the pro- perty owners' portion is $12,860. Section 2. That said bonds shall be dated approximately June l, 1972, shall bear interest at the estimated rate of six per centum (6%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in five substantially equal annual installments after their issuance.