36-82 Issue notes for property owners portion - streets

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the purpose of paying the property owners' portion ($101,167.87), in anticipation .of the collection of special assessments, and the City's portion ($298,832.13) of the cost of improving: Jackson Avenue (Merl Avenue to Clifton Boulevard); Lincoln Avenue (Bayes Avenue to Lakewood Heights Boulevard); Giel Avenue (Clifton Boulevard to N&W railroad tracks); Lakewood Heights Boulevard (Alger Road to 180 ft. West of Olive Avenue); Edgewater Drive (West llTth Street to Cove Avenue); Belle Avenue (Madison Avenue to Franklin Avenue); McKinley Avenue (Hilliard Road to Riverside Drive); Cove Avenue (Edgewater Drive to Lake Avenue); Lewis Drive (Madison Avenue to Lakewood Heights Boulevard); Reveley Avenue (Madison Avenue to Athens Avenue); and Alger Road (Warren Road to Lakewood Heights Boulevard), by the removal, where necessary, of the existing surface course, by grading and replacement, where necessary, of the base, and by resurfac- ing with asphaltic concrete including the necessary replacement and resetting of castings together with the necessary appurtenaces thereto, in the manner and between the termini provided in Resolution No. 5619, adopted December 7, 1981 and Reso]ution No. 5638, adopted December 21, 1981. Section 2. That said bonds shall be dated approximately July 1, 1983, shall bear interest at the estimated rate of twelve per centum (12%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in five (5) substantially equal annual in- stallments after their issuance. Section 3. That it is hereby determined that notes (herein- after called the "Notes") in the principal amount of $400,000 shall be issued in anticipation of the issuance of said bonds for the above- described purpose. The Notes shall bear interest at such rate, not exceeding fifteen per centum (15%) per annum, as may be fixed by. the Director of Finance in his certificate awarding the Notes at private -2-