64-71 BAN - owners portion to improve certain streets

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ORDINANCE NO. 64-71 BY: Messrs. Graber, Kelley, Usher, Ward, Wendling, Gaydos AN E~dRGENCY ORD~HCE to provide for the issuance of notes · anticipation of the levy of special assessments and in anticipation of the issuance of bonds to pay the property owners' and the City's portion of the cost of imprg, ving certain streets in the City of Lakewood, Ohio, 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. 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, 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 imp. rove- 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 o~'Lakewood, Cuyahoga County, Ohio: ~. Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $ 86,800 for the purpose of paying the property owners' po~ion, in anticipation of the collection of special assessments, and the City's portion of the cost of improvi~.g Archdal.e, A~enue, Cook Avenue, Edgewater Drive~ Ferndale Avenue and Franklin Avenue 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 provided in Resolutions Nos. 48~1 to ~8~5, inclusive, adopted April 5, 1971. Of said amount the City's portion is $ 44,550 and the property owners' portion is $ 42,250 . Section 2. That said bonds shall be dated apprgx%matelyJune 1, 1972, shall bear interest at the estimated rate of six pe~ 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. Section 3. That for the purpose of raising money in anticipation of the le~y and collection of special assessments and of the issuance of the aforesaid bonds for the above described improvements, it is hereby declared necessary to issue and there shall be issued notes in the aggregate principal amount of $ 86,800. ~ Section ~. That said notes shall 'be executed and issued at such 'time or times as may be found by the Director of Finance of this City to'be necessary to meet the obligations incurred by this Council for the improve- ments referred to in Section i hereof; such no~es shall be executed in a series and in such number and denomination as determined by the Director of Finance; shall bear interest at a rate not to exceed six per centum (6~) per annum, payable at maturity, shall be dated the date of their respective issuance and shall mature on or before one year from tho date of the first note issued hereunder; and shall be numbered consecutively commencing with No. 1. Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable at the office of the Director of Finance, City }~ll, Lakewood, Ohio, and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance.