|
0RDI}~NCE NO. 55 -81
<br />
<br />By: Brown, Chinnock, Gallagher, Graham,
<br /> McBride, Salmon, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes of the
<br />City of Lakewood, Ohio, in anticipation of the levy of special assessments and
<br />in anticipation of the issuance of bonds to pay the property owners' portion
<br />and the City's portion of the cost of improving certain streets in the City
<br />of Lakewood, Ohio, by grading and replacement of the base, resurfacing with
<br />asphaltic concrete including the necessary replacemant and resetting of cast-
<br />ings together with the necessary appurtenances thereto.
<br />
<br /> WHEREAS, the Council of the City of Lakewood has heretofore by pro-
<br />per legislation determined to proceed with the improvement of the streets
<br />hereinafter designated by the necessary grading and replacement of' the base,
<br />resurfacing with asphaltic concrete including the necessary replacement and
<br />resetting of castings together with necessary appurtenances '.thereto; and
<br />
<br /> WHEREAS, pursuant to Ordinance No. 33-80, passed May 5, 1980, notes
<br />in the prinqSpal amount of $360,000, dated July 1, 1980, maturing one year
<br />from date, were issued for the purpose hereinafter stated, and said notes is
<br />are about to mature; and
<br />
<br /> WHEREAS, this Council has determined that said outstanding notes
<br />in the amount of $360,000 shall be funded by the issuance of new notes in
<br />anticipation of the issuance of bonds; and
<br />
<br /> WHEREAS, there are now available funds of the City in the amount of
<br />$45,000 which this Council has determined to appropriate and apply to the
<br />payment of said outstanding notes; and
<br />
<br /> WHEREAS, the Director of Finance as fiscal officer, has certified
<br /> to this Council that the estimated life of the improvement hereinafter men-
<br /> tioned is at least five years and has further certified the mmximummaturity
<br />'of the hereinafter mentioned bonds is five years and that the mmximummaturity
<br /> of notes issued in anticipation of said bonds is five years, or one year
<br /> if sold privately; and
<br />
<br /> ~EREAS, 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 notes herein authorized is necessary to enable the City to
<br />retire the outstanding notes at maturity and thereby preserve the City's
<br />credit;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood,
<br />Cuyahoga 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 $315,000 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 Waterbury
<br />Avenue, Wyandotte Avenue, Woodward Avenue, Wagar Avenue, Victoria Avenue,
<br />Bunts Road, Thrush Street, Delaware Avenue, Atkins Avenue, Whippoorwill
<br />Avenue, Clifton Place, Adeline Avenue and Hilda Avenue, by the necessary
<br />grading and replacement of the base, resurfacing with asphaltic concrete
<br />including the necessary replacement and resetting of castings together with
<br />the necessary appurtenances thereto, in the manner and between the termini
<br />provided in Resolution No. 5362 adopted January 15, 1979 as amended by Resolu-
<br />tion No. 5388, adopted April 3, 1979 and Resolution No. 5427, adopted Decem-
<br />ber 4, 1979.
<br />
<br /> Section 2. That said bonds shall be dated approximately June 1,
<br />1982, shall bear interest at the estimated rate of nine percentum (9%) per
<br />annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in five substantially equal annual installments after their issuance.
<br />
<br />
<br />
|