68-73 BAN - property owners portion to improve certain streets

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ORDINANCE NO. 68-73 BY: Messrs. Graber, Magnotto, McBride, Usher, Werner, Sinagra, Brockman AN EMERGENCY ORDINANCE to provide for the issuance of a note in anticipation of the collection of special assessments and in anticipation of the issuance of bonds to pay the proper~ty owners' and the City's por- tion of the cost of improving certain streets in the City of Lake~ood, Ohio, 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 withtne~essary appurtenances thereto. WHEREAS, the Council of the City of Lakewood has heretofore by proper legislation adopted in 1971 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 WHEREAS, there has heretofore been issued pursuant to Ordinance No. 65-72 passed on October 2, 1972 a note to pay the costs of said improve- ments; and WHEREAs, there is now available moneys to reduce said note in principal amount to $~1,075; 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 issuance and sale of the note herein authorized to enable the City to preserve its credit by renewing the portion of the.out- standing note ~nich can not be retired at maturity; NOW, THEREFORE, BE IT ORDAINED, 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 $~1,075 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 Archdale Avenue, Cook Avenue, Edgewater Drive, Ferndale Avenue and Franklin Avenue by the Becessary grading of the base, resurfacing~with asphaltic concrete, replacing and resetting of curbs together with the necessary appurtenances thereto, between the termini and in the manner provided in Resolutions Nos. ~821 to 2825, inclusive, adopted April 5, 1971. Of said amount the City's portion is $32,515 and the property owners' porti°n is $6,560. Section 2. That Said bonds shall be dated approximately June 1, 197h, shall bear interest at the estimated rate of six per centum (6%) per annum, payable semi-annually, until the principal sum is paid and shall mature in'five substantially equal installments after, their issuance. S~ction 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 improvements, it is hereby declared necessary to issue and there shall be issued a note in the principal, amount Of $hl,075. Section 4. That said note shall bear interest at a rate not to exceed seven percentum (7%) per annum, payable at matur£ty, and at a rate not to exceed eight percentum (8%) per annum a~ter matur£ty, shall be dated ~he date o£ issuance and Shall ma~ure on or before one year £rom~ tha~ date.