38-72 BAN - owners portion - improve Beach Rd

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ORDIN~NCE NO. 38- 72 BY: Messrs. Brockman, Graber, Kelley, Magnotto, McBride, Usher, Wendling AN EMERGENCY ORDnANCE to provide for the issuance of a note in anticipation of the issuance of bonds and thecollection of special assessments to pay the property owners' portion of the cost of improving a certain easement of the City of Lakewood along a privately owned roadway in CliFton Park Lagoon commonly known as Beach Road by the construction of a sanitary sewer, pUmping station and force main, together with curb connections therefor and other necessary appurtenances thereto. WHEREAS, this Council has heretofbre requested the Director of Finance to issue his certificate as to the estimated life of the improvement and the maximum maturity of the bonds hereinafter referred to and of the note to be issued in anticipation of said bonds, and the Director of Finance has certified to this Council such estimated life as exceeding ten years and has further certified the maximum maturity of such note as five years, or one year if sold privately; and ~REAS, this Council has heretofbre by proper legislation determined to proceed ~th the imp. rovement of a certain easement hereinafter designated by the construction of a sanitary sewer, pumping station and force main, together with curb connections therefore and other necessary appurtenances thereto; and %~EREAS, there is now available the sum of $11,480 which is to be applied to the retirement of the outstanding $65,000 note dated April 15, 1971; 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 preservation of the public peace, property, health and safety and for the further reason that the immediate issuance mud sale of the note herein authorized is necessary to enable the City to preserve its credit by retiring at maturity the outstanding ~note Vnich is about to mature; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal sum of $53,520 in anticipation of the collection of special assessments for the purpose of paying the property owners' portion of the cost of improving a certain easement of the City of Lakewood along a privately owned roadway in CliFton Park Lagoon commonly known as a Beach Road by the construction of a sanitary seSzer, pumping station and force main, together with curb connections therefor and other necessary appurtenances thereto, between the termini and in the manner provided in Ordinance No. 64-70 passed November 16, 1970. Section 2. That said bonds shall, be dated approximately April 1, 1973, shall be~r'i~%erest at the estimated rate of six per centum (6~,.~) per annum, pay~ole semi-annually, until the principal sum is paid, and shall mature in ten substantially equal annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the collection of special assessments and of the. issuance of the aforesaid bonds for the above described improvement, it is hereby declared necessaa-y to issue and there shall be issued a note in the principal amount of $53,520. Section 4. Such note shall bear interest at a rate not to exceed six per cent~m (6~) per annum, payable at maturity; shall be dated April 17, 1972 and shall mature on or before one year from such date.