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ORDINANCE NO. 56-73
<br />
<br />BY:
<br />
<br />Messrs. Graber, Magnot~,
<br />McBride, Sinagra, Usher
<br />Werner
<br />
<br /> AN ~4ERGENCY ORDINanCE to provide for the issuance of notes in
<br />,~:~ttcipation of the issuance of bonds and the collection of special assess-
<br /> rents to pay the property owners' portion and the City's portion of the
<br /> c~st of improving certain streets by the necessary grading of the base, re-
<br /> surfacing with asphaltic concrete including the necessary replacement and
<br /> r~setting of castings and the necessar~ resetting and replacing of curbs
<br /> %~gether with the necessary appurtenances thereto.
<br />
<br /> WHEREAS, the Council of the City of Lakewood has heretofore by
<br />yr~per legislation determined to proceed with the improvement of the streets
<br />h~reinafter designated by the necessary grading of the base, resurfacing
<br />with asphaltic concrete including the necessary replacement and resetting
<br />o~castings and the necessary resetting and replacing of curbs together with
<br />n~cessary appurtenances thereto; and
<br />
<br /> ~qiEREAS, there has heretofore been issued pursuant to Ordinance
<br />No. 2~-70 passed on April 20, 1970 a note in the amount of $100,000 to pay
<br />the costs of said improvements which note matured on June 18, 1971; and
<br />
<br /> WHEREAS, there has heretofore been issued pursuant to Ordinance
<br />No. 51-71 passed on June 21, 1971 a note in the amount of $58,760 to renew
<br />the unpaid balance of the aforesaid note which note matured on June 23,
<br />1972; and
<br />
<br /> WHEREAS, there has heretofore been issued Pursuant to Ordinance
<br />No. 48-72 passed on June 19, 1972 a note in the amount of $51,088 to renew
<br />the unpaid balance of the aforesaid note which note will mature on June 23,
<br />1973; and
<br />
<br /> WHEREAS, there is now available moneys to reduce said note in
<br />principal amount to $23,216; 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 immediate preservation of the public peace, property,
<br />health and safety and for the further reason that the immediate issuance
<br />and sale of the note herein authorized is necessary to enable the City to
<br />retire at maturity the outstanding note and thereby preserve the City's
<br />credit;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the City of Lakewood, Cuyahoga
<br />County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds
<br />of the City of Lakewood in the principal amount of $~3,h16 for the purpose
<br />of paying the property owners' portion, in anticipation of the collection
<br />of special assessments and the City's portion of the cost of improving
<br />Belle Avenue, Ethel Avenue, Gridley Street, Halstead Street, Rio Street,
<br />Robinwood Avenue and Scenic Street by the necessary grading of the base,
<br />resurfacing with asphaltic concrete, replacing and resetting of curbs to-
<br />gether with the necessary appurtenances thereto, between the termini and
<br />in the manner provided in Resolutions Nos. ~756, ~758, ~759, ~760, ~761,
<br />h762, and 4763, adopted February 16, 1970. Of said amount the City's por-
<br />tion is $35,700 and the property owners' portion is $7,716.
<br />
<br /> Section 2. That said bonds shall be dated approximately June 1,
<br />197~, shall bear interest' at the estimated rate of six per centum (6%) per
<br />annum, payable semi-annually, until the principal sum is paid and shall ma-
<br />ture in five substantially equal annual installments after their issuance.
<br />
<br />
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