55-72 BAN owners portion - improve streets

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ORDINANCE N0. 55'7Z Messrs. Brockman, Grabt Kelley, Magnot to, BY: McBride, Usher, Wendlir' AN E~[ERGENCY ORDINA/ICE to provide for the issuance of notes in anticipation of the levy of special ~ssessments and in anticipation of the issuance of bonds to pay the property owners' and the City's portion of the cost of improving certain streets in the City of Lakewood, Ohio, by the nec- essary grading of the base, resurfacing with asphaltic concrete including the necessary replacement and resettin~ of casting and the necessary reset- ting and replacing of curbs together with necessary appurtenances thereto. WHERF.~S, the Council of the City of Lakewood has heretofore by proper legislation determlined to proceed with the improvement of the streets hereinafter desi~ated by the necessary ~rad. ing 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'~hfrds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the i~lnediate issuance and s~.e of the notes herein authorized to enable the City to enter into construction contracts to provide the im- provements described herein which are urgently required to eliminate exist- ing hazards to vehicular traffic using the streets of this City; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyaboga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $ 90,000.00 for the purpose of paying the property owners' portion, in anticipation of the collection of special assessments, and the City's portion of the cost of improving Cedarwood Avenue, Clarence Avenue, Fries AvenUe, Nelson Street,and Park%oOd Avenue by the necessary grading of the base, resurfacing with as- phaltic concrete, replaCing and resetting of curbs together with the neces- sary appurtenances thereto, between the termini and in the manner provided in Resolutions Nos. ~881 to ~885, both inclusive, adopted MaY 1, 1972. Of said amount the City's portion is $ 45,000.00 and the property owners' por- tion is $45,000.00. Section 2. That said bonds shall be dated approximately June 1, 1973, shall bear interest at the estimated rate of four per centum (~%) per annum, payable semi-annUally, until the principal sum is paid, and shall ma- ture in five substantis/ly equal annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the levy 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 $ 90,000.00. 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 oblications incurred by this Council for the improve- ments referred to in Section 1 hereof, such notes shall be executed in a series and in such number and denomination as determined by the Director of Finance~ shall be~r interest at a rate not to exceed six per centum (6%) per annum, payable at maturity, and mt not to exceed eif~ht per centum (8%) after maturity, shall be dated the date of their respective issuance and shall ture on or before one year from the date of the first note issued hereunder; and shall be numbered consecutively commencing with ~'~o. 1. Section ~. That such notes shall 'oe executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be