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ORD]R{ANCE NO. 39-72 BY Messrs. Graber, Kelley, Magnottc
<br /> McBride, Usher, Wendling,
<br /> Brockman
<br /> AN E~G52~CY ORDI~NCEto provide for the issuance of bonds of the
<br />City of L~xkewood, Ohio, for t~e purpose of p~fing the property owners' portion,
<br />in anticipation of the collection of special assessments heretofore levied,
<br />of the cost of improving certain properties for off-street parking of motor
<br />vehicles in the City of Lakewood, Ohio, by acquiring real estate, demolishing
<br />existing buildir~%s, grading, paving, curbing.., lighting, fencing ~d providing
<br />drainage facilities together ~.rlth the necessarily appurtenances thereto and
<br />widening Carabel Avenue in front of such properties by relocating the curb
<br />and grading and paving.
<br />
<br /> ;CHEREAS, this Council has heretofore requested the Director of
<br />Finance to issue his certificate as to the estimated life of the imp_rovement
<br />and the maximum maturity of the bonds hereinafter referred to and the Director
<br />of Finance has certified to this Council suclh estimated life as exceeding five
<br />years and has further certified the maximum maturity of such bonds as twenty-
<br />one years; and
<br />
<br /> WHEREAS, in anticipation of the bonds hereinafter referred to, there
<br />was issued, pursuant to Ordinance No. 31-67, enacted by this Council on
<br />May 15, 1967, a note dated ~y 2~ 1967, in the principal amount of $70,000,
<br />which note matured on ~y29, 196~; and
<br />
<br /> WHEREAS, when said note m~tured on May 29, 1968, there was available
<br />for and applied to the retirement of said note, $7,~00, and a new note was
<br />issued, pursuant to Ordinance No. 41-68, enacted by this Council on May 20,
<br />1968, dated b~y 29, 1968, in the principal ~mount of $63,000, which note
<br />matured on ~.~y 29, 1969; and
<br />
<br /> WHEREAS, 'when said note matured on ¥~y 29, 1969, there was
<br />available for and ~oplied to the retirement of said note, $3,730, and a new
<br />note was issued, pursuant to Ordinance No. 39-69, enacted by this Council on
<br />M~y 19, 1969, in' the principal amount 'of $59,270, which note matured May 29,
<br />1970; and
<br />
<br /> WHEREAS, when said note matured on b~kV 29, 1970, there was available
<br />for and applied to the retirement of said note, ~,370, and a new note was
<br />issued, pursuant to Ordinance 'No. 27-70, enacted by this Council on b~y 18,
<br />1970, in the principal amount of $56,900, which note matured on MmV 29, 1971;
<br />and
<br />
<br /> WHERFAS, when said note matured on M~,V 29, 1971, there was available
<br />for and applied to the retirement of said note, $2,370, and a new note was
<br />issued, pursu~_nt to Ordinance No. 40-71, enacted by this Council on ~y 17,
<br />1971, in the principal amount of $54,530, which note is about to mature and
<br />it is now necessary to fund such note at its maturity; and
<br />
<br /> WHEREAS, there is presently available for the retirement of a portion
<br />of the aggregate principal amount of the presently outstanding note, $2,530
<br />which will be applied to such retirement; and
<br />
<br /> WHEREAS, 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 i~mediate preservation of~the public peace, property, health
<br />and safety and for the Further reason that moneys must be im~nediately available
<br />so that the outstanding note of the City may be retired at its maturity
<br />and thereby preserve the credit of the City;
<br />
<br /> NOW, ~{EREFORE, BE IT ORDAINED by 'the Council of the City of
<br />Lakewood, Cuyahoga County, Ohio:
<br />
<br />
<br />
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