66-73 BAN - property owners portion to improve certain streets

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'ORDINANCE NO. 66-73 Messrs. Usher, Werner,. Brockman, Graber, Magnotto, McBride · BY: Sinagra AN EMERGENCY ORDINANCE to provide for the issuance of Anote~ in anticipation of the~levy of special assessments and in anticipation of the issuance of bonds~o pay the property owners' portion and the City's portion of the cost of improving certain streets in the City.of Lakewood, Ohio, by the necessary grading of the base, resurfacing with ksphaltic concrete in- clu'ding the necessary replacement and resetting of castings and the necessary resetting and replacing of curbs together with the necessary appurtenances thereto. WHEREAS, the Council of the City of Lakewood has heretofore by proper 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 WMEREAS, there has he.retofore been issued pursuant to Ordinance No. 55-72 passed on June 19, 1972 a note in the amount of $85,000 to pay the costs of said improvements which note will ~ture on September 12, 1973; and WHEREAS, there is now available moneys to reduce said note in principal amount to $38,000; and WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is nec- essary for the immediate preservation of the public peace, property, health and safety and for the further reason that the immediate issuance and sale of the note herein authorized is necessary to enable the City to retire at maturity the outstanding note and thereby preserve the City's credit; _~ NOW, THEREFORE, BE IT RESOLVED by 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 amount of $38,000 for the purpose of paying the property owners' portion, inanticipation~ of the the collec- tion of special assessments, and the City's portion of the cos~ of improv- ing Cedarwood Avenue, Clarence Avenue, Fries Avenue, Nelson Street, Park- wood Avenue and Roosevelt Avenue by the necessary grading of the base, re- surfacing with asphaltic concrete, replacing and resetting of curbs together with the necessary appurtenances thereto, between the termini and in the manuer provided in Resolutions Nos. ~881 to h886, both inclusive, adopted May l, 1972. Of said amount the City's portion is $31,000 and the property owners' portion is $7,000. 'Section 2. That said bonds shall be dated approximately June 1, 197h, shall bear interest at the estimated rate of five ahd one-half per centum (5-1/2%) 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 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 princi- pal amount of $38,000.