70-74 BAN - owners portion to improve certain streets

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ORDINANCE NO. Y0- 74 Messrs. Brockman, Chinnock, Graber, Magnotto, McBride, Sinagra, Usher BY: 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 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 asphaltic concrete including the necessary replacement and resetting of castings and the necessary resetting and replacing of curbs together with 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 WHEREAS, there has heretofore been issued pursuant to Ordinance No. 66-73 passed on September 4, 1973 a note in the ~aount of $38,000 to pay the costs of said improvements which note remains outstanding;- and WHEREAS, there is now available moneys to reduce said note in principal amount to $3i,810; and WHEREAS, this Council by two-thirds vote of the members elected thereto determines bhat 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 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 $31,810 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, Parkwood 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 manner proveded in Resolutions Nos. 4881 to 4886, both inclusive, adopted May 1, 1972. Of said amount the City's portion is $26,775 and the property owners' portion is $5,035. Section 2. That said bonds shall be dated approximately June 1, 1975, shall bear interest at the estimated rate of six and one-half per centum (6-1/2%) 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 a note in the principal amount of $31,810.