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ORDINANCE NO. 61 -77 BY:
<br />
<br />Messrs. McBride, Salmon, Sinag~
<br />Usher, Brockman, Magnotto
<br />
<br /> AN EMERGENCY ORDINANCE authorizing the issuance of the bonds of the
<br />City of Lakewood, Ohio, for the purpose of paying the property 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 in
<br />the City of Lakewood, Ohio, by the necessary grading of the base, resurfacing
<br />with asphaltic concrete including the necessary replacement and resetting of
<br />castings and the necessary resetting and replacing of curbs together with the
<br />necessary appurtenances 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 five 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 with
<br />asphaltic concrete including the necessary replacement and resetting of'cast-
<br />ings and the necessary resetting and replacing of curbs together with necessary
<br />appurtenances thereto; and
<br />
<br /> WHEREAS, there has heretofore been issued pursuant to Ordinance
<br />No. 48-75, passed. July 7, 1975 a note in the principal amount of $71,400 and
<br />dated November 6,. 1975, to pay the costs of said improvements, which note
<br />matured on November 6, 1976; and
<br />
<br /> WHEREAS, there has heretofore been issued pursuant to Ordinance No.
<br />68-76, passed October 18, 1976, a note in the amount of $39,600 to renew the
<br />unpaid balance of the aforesaid note which note will mature on November 4, 1977;
<br />and
<br />
<br /> WHEREAS, this Council has determined that said outstanding note in
<br />the principal amount of $39,600 shall be funded by the issuance of bonds; 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 bonds herein authorized is necessary to enable the City to retire at
<br />maturity the 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, Ohio, in the principal amount of $39,600 for the purpose
<br />of. paying the property owners" portion, in anticipation of the collection of
<br />special assessments heretofore levied, and the City's portion of the cost of
<br />improving Forest Cliff Avenue, Emerson Avenue and Parkwood Avenue by the nec-
<br />essary grading of the base, resurfacing with asphaltic concrete, including the
<br />necessary replacement and resetting of castings and the necessary resetting and
<br />replacing of curbs together with the necessary appurtenances thereto, between
<br />the termini and in the manner provided in Resolution Nos. 5068, 5069 and 5072,
<br />all passed May 5, 1975. Of said amount the City's portion is $26,518 and the
<br />property owners' portion is $13,082.
<br />
<br />
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