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years and that the maximum maturity of notes issued in anticipation of <br />said bonds is five (5) years from the date of issuance of the original <br />notes, or one (1) year if sold privately; and <br /> <br /> WHEREAS, this ordinance is an emergency measure which is <br />necessary for the immediate preservation of the public peace, property, <br />health, safety and welfare in the City and for the further reason that <br />the immediate issuance and sale of the notes herein authorized is neces- <br />sary to provide funds to retire the outstanding notes which are about to <br />mature and thereby protect the credit of the City; <br /> <br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, <br />Cuyahoga County, Ohio: <br /> <br /> Section 1. That it is hereby declared necessary to issue <br />bonds of the City of Lakewood in the principal amount of $220,000 for <br />the purpose of paying the property owners' portion ($82,353.44), in <br />anticipation of the collection of special assessments, and the City's <br />portion ($137,646.56) of the cost of improving Waterbury Avenue, Wyandote <br />Avenue, Woodward Avenue, Wagar Avenue, Victoria Avenue, Bunts Road, <br />Thrush Street, Delaware Avenue, Atkins Avenue, Whippoorwill Avenue, <br />Clifton Place, Adeline Avenue and Hilda Avenue, by the necessary grading <br />and replacement of the base, resurfacing with asphaltic concrete includ- <br />ing the necessary replacement and resetting of castings together with <br />the necessary appurtenaces thereto, in the manner and between the termini <br />provided in Resolution No. 5362, adopted January 15, 1979 as amended by <br />Resolution No. 5388, adopted April 3, 1979 and Resolution No. 5427, <br />adopted December 4, 1979. <br /> <br /> Section 2. That said bonds shall be dated approximately <br /> July 1, 1983, shall bear interest at the estimated rate of twelve per <br /> centum (12%) per annum, payable semi-annually, until the principal sum <br /> <br />-2- <br /> <br /> <br />