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ORDIi~kNCE NO. 59-80 Graham, McBride,Salmon,
<br /> Wendlin9, Brown,
<br /> BY: Chinnock, Galla§her
<br />
<br /> AN EMERGENCY ORDINANCE authorizing the issuance of 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, 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 together
<br />with the necessary appurtenances thereto.
<br />
<br /> WIIEREAS, 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 together with the necessary appurtenances thereto; and
<br />
<br /> WHEREAS, the Director of Finance has issued his certificate as
<br />to the estimated life of the improvement and the maximum maturity of the
<br />bonds hereinafter referred to, and the Director of Finance has certified
<br />to this Council such estimated llfe as exceeding five years and has further
<br />certified the maximum maturity of such bonds as twenty years; and
<br />
<br /> WHEREAS, this Council by ~wo-thlrds 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 bonds herein authorized must
<br />be immediately issued to permit delivery of the assessments anticipated to
<br />the County Auditor and thereby eliminate additional interest expense to the
<br />City;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of
<br />Lakewood, Cuyahoga County, State of 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 $29,744.44 for the pur-
<br />pose of paying the property owners' portion, in anticipation of the collec-
<br />tion of special assessments heretofore levied, of the cost of improving cer-
<br />tain streets in the City of Lakewood, Ohio, by the necessary grading of the
<br />base, resurfacing with asphaltic concrete, including the necessary replace-
<br />ment and resetting of castings together with the necessary appurtenances
<br />thereto, between the termini and in the manner provided in Resolution No.
<br />5362 adopted January 15, 1979 as amended by Resolution No. 5388 adopted April
<br />2, 1979.
<br />
<br /> Section 2. That said bonds shall be issued in the principal
<br />amount of $29,744.44; shall be dated September 1, 1980, shall be issued in
<br />the denomination of $1,000 each, except bond No. 1 which shall be in the
<br />denomination of $744.44; shall be numbered from 1 to 30, inclusive and shall
<br />bear interest at the rate of seven and one-half per centum (7-1/2%) per annum,
<br />payable on the first day of June, 1981, and semi-annually thereafter on
<br />the first days of June and December of each year until the principal sum is
<br />paid, as evidenced by the coupons attached thereto; provided, however, that
<br />if the bonds are sold bearing a different rate of interest than herein
<br />specified, such bonds shall bear such rate of interest as may be provided
<br />in the resolution of Council approving the award thereof. Such bonds shall
<br />mature in their consecutive serial order as follows:
<br />
<br />$7,744.44 on December 1, 1982;
<br />$7,000.00 on December 1 in each of the years 1983 and 1984; and
<br />$8,000.00 on December 1, 1985;
<br />
<br />which maturities are hereby determined to be in substantially equal annual
<br />installments.
<br />
<br /> Provided, however, that if the Director of Finance shall accept
<br />for purchase into the Bond Retirement Fund this issue, then a single temporary
<br />
<br />
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