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ORDINANCE NO. 42 -75
<br />
<br />BY'
<br />
<br />Messrs. Graber, Magnot~,
<br />McBride, Sinagra, Usher,
<br />Brockman, Chinnock
<br />
<br /> AN EMERGENCY ORDINANCE authorizing the issuance of bonds of the
<br />City of Lakewood, Ohio, for the purpose of paying the prpperty owners' por-
<br />tion, in anticipation of the Collection of special assessments heretofore
<br />levied, and the City's portion of the cost of improving certain streets by
<br />the necessary grading of the base, resurfaCing with asphaltic concrete
<br />including the necessary replacement and resetting of castings and the neces-
<br />ary resetting and replacing of curbs together with the necessary appurtenances
<br />thereto.
<br />
<br /> WHEREAS, the Director of Finance has issued his certificate as to
<br />the estimated life of the improvement and the maximum maturity of the bonds
<br />hereinafter referred to, and the Director of Finance has certified to this
<br />Council such estimated life as exceeding five years and has further certified
<br />the maximum maturity of such bonds as twenty years; and
<br />
<br /> WHEREAS, the Council of the City of Lakewood has heretofore by
<br />proper legislation determined to proceed with the improvement of the streets
<br />hereinafter designated by the necessary grading of the base, resurfacing
<br />with asphaltic concrete including the necessary replacement and resetting
<br />of castings and fhe necessary resetting and replacing of curbs together with
<br />necessary appurtenances thereto; and
<br />
<br /> WHEREAS, there has heretofore been issued pursuant to Ordinance
<br />No. 24-70 passed on April 20, 1970 a note in the amount of $100,000 to pay
<br />the costs of said improvements which 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 958,670 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 matUred on June 23,
<br />1973; and
<br />
<br /> WHEREAS, there has heretofore been issued pursuant to Ordinance
<br />No. 56-73 passed on June 18, 1973, a note in the amount of $43,416 to renew
<br />the unpaid balance of the aforesaid note which note matured June 25,
<br />1974; and
<br />
<br /> WHEREAS, there has heretofore been issued pursuant to Ordinance
<br />No. 54-74, passed June 17, 1974, a note in the amount of $35,744 to renew
<br />the unpaid balance of the aforesaid note which will mature June 18, 1975; and
<br />
<br /> WHEREAS, there is now available moneys to reduce said note in
<br />principal amount to $28,072; 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 bonds 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, Ohio, in the principal amount of $28,072 for the
<br />purpose of paying the property owners' portion, in anticipation of the collection
<br />of special assessments heretofore'levied, and the City's portion of the cost of
<br />improving Belle Avenue, Ethel Avenue, Gridley Street, Halstead Street, Rio
<br />
<br />
<br />
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