|
ORDINANCE NO. 68 -76
<br />
<br />BY: Messrs. Brockman, Chinnock, Magnotto,
<br /> McBride, Sa]mort, Sinagra, Usher
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes in
<br />anticipation of the collection of special assessments and in anticipation
<br />of the issuance of bonds to pay the property owners' portion and the City's
<br />portion of the cost of improving certain streets in the City of Lakewood,
<br />Ohio, by the necessary grading of the base, resurfacing with asphaltic con-
<br />crete including the necessary replacement and resetting of castings and the
<br />necessary resetting and replacing of curbs together with the necessary ap-
<br />purtenances thereto.
<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 the necessary resetting and replacing of curbs together with
<br />the necessary appurtenances, thereto; and
<br />
<br /> WHEREAS, there has heretofore been issued pursuant to Ordinance
<br />No. 48-75 passed on July 7, 1975, a note in the amount of $71,400 to pay
<br />the costs of said improvements which note remains outstanding; and
<br />
<br /> WHEREAS, there is now available moneys to reduce said note in
<br />principal amount to $39,600; and
<br />
<br /> WHEREAS, this Council has determined to retire the balance of
<br />said outstanding note with the proceedings of new notes; 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 nec-
<br />essary for the immediate preservation of the public peace, property, health
<br />and safety and for the further reason that the immediate issuance and sale
<br />of the notes herein authorized is necessary to enable the City to retire the
<br />outstanding note and thereby preserve the City's 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 of
<br />the City of Lakewood in the principal amount of $39,600 for the purpose of
<br />paying the property owners' portion, in anticipation of the collection of
<br />special assessments, and the City's portion of the cost of improving Forest
<br />Cliff Drive, Emerson Avenue and Parkwood Avenue by the necessary grading of
<br />the base, resurfacing with asphaltic concrete including the necessary re-
<br />placement and resetting of castings and the necessary resetting and replacing
<br />of curbs together with the necessary appurtenances thereto, between the termini
<br />and in the manner provided in Resolutions~Nos. 5068, 5069 and 5072, adopted
<br />May 5, 1975. Of said amount the City's portion is $26,518 and the property
<br />owners' portion is $13,082.
<br />
<br /> Section 2. That said bonds shall be dated approximately November 1,
<br /> 1977, shall bear interest at the estimated rate of six and one-half per centum
<br /> (6-1/2%) per annum, payable semi-annually, until the principal sum is paid,
<br /> and shall mature in five substantially equal annual installments after their
<br /> issuance~
<br />
<br /> Section 3. That for the purpose of raising money, in anticipation
<br />of the levy and collection of special assessments and of the issuance of the
<br />aforesaid bonds for the above described improvements, it is hereby declared
<br />necessary to issue and there shall be issued notes in the principal amount
<br />of $39,600.
<br />
<br /> Section 4. That such anticipatory notes in the amount aforesaid
<br />shall bear interest payable at maturity at one or more rates not exceeding
<br />the maximum rate permitted by law, provided that such notes may bear bne or
<br />more different rates not exceeding the maximum rate permitted by law after
<br />maturity and until the principal sum is paid; shall be in the denomination
<br />and numbered as the original purchaser thereof reqUests, shall be da6ed
<br />November 5, 1976 and shall mature on Friday, November 4, 1977, with an
<br />option in the City to redeem such notes prior to maturity if satisfactory
<br />to the original purchaser of said notes.
<br />
<br />
<br />
|