54-81 Property owners portion - breakwall - BAN

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ORDINANCE NO. 54 -81 By: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN E~RG~NCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the levy and collection of special assessments and in anticipation of the issuance of bonds to pay the property owners' portion of the cost of improving an easement in the City of Lakewood by constructing therein a concrete modular breakwall and shore return at each termination of the breakwall together with necessary appurtenances ~hereto. WHEREAS, the Council of the City of Lakewood has heretofore by proper legislation determined to proceed with the improvement of an easement in said City by constructing therein a concrete modular breakwall and shore meturn at each termination of the breakwall together with necessary appurtenances; and WHEREAS, the Director of Finance as fiscal officer, has certified to.this Council that the estimated life of the improvement ~ereinafter men- tioned is at least five years and has further certified the maximum maturity of the hereinafter mentioned bonds is ten years and that the maximum maturity of notes issued in anticipation of said bonds is five years or one year if sold privately; and WHEREAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency'measure which is necessary for the immediate preservation of the public peace, property, health and safety and for the further reason that the improvement herein described is immediately necessary to protect the property and health of the residents of the City which is endangered by the continuing erosion of the L Lake Erie shoreline which undermines houses, water lines, sanitary sewers and streets; NOW, THEREFORE, BE IT ORDAINED by the Council of 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 $200,000 in anticipation of the levy and collection of special assessments for the purpose of paying the property owners' portion of the cost of improving the municipal easement described in Resolution No.5577 adopted June 15, 1981 by constructing there- in a concrete modular breakwall and shore return at each termination of the breakwall together with necessary appurtenances thereto. Section 2. That said bonds shall be dated approximately July 1, 1982, shall bear interest at the estimated rate of nine per centum (9%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in ten substantially equal annual installments after their issuance. Section 3. That it is necessary and this Council hereby determines that notes in the principal amount of $200;000 shall be issued in anticipation of the issuance of said bonds. Section 4. ~nat such anticipatory notes in the amount aforesaid shall bear interest payable at maturity at one or more rates not exceeding the maximum rate permitted by law, provided that such notes may bear one or more different rates not exceeding the maximum rate permitted by law after maturity and until the principal sum is paid; shall be in the denominations and numbered as the original purchaser or purchasers thereof request, shall be dated the date of their issuance and shall mature one year from such date, with an option in the City to redeem such notes prior to mmturity if satisfactory to the original purchaser or purchasers of such notes. Section 5. ~nat such notes shall be executed by the Mayor and~ Director of Finance and bear the seal of the corporation. They shall be pay- able at the office of the Director of Finance, City Hall, Lakewood, Ohio, or at the principal office of a depositary bank of the City selected by the original .purchaser, and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance.