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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 $280,000 for <br />the purpose of paying the property owners' portion ($102,585.24), in <br />anticipation of the collection of special assessments, and the City's <br />portion ($177,414.76) of the cost of improving: <br /> <br /> Athens Avenue from Warren Road to Brown Road; <br /> Williamson Avenue from Hird Avenue to Idlewood Avenue; <br /> Cohassett Avenue from Detroit Avenue to Madison Avenue; <br /> Seneca Avenue from Ogon%z Avenue to its eastern terminus; <br /> Emerson Avenue from Jackson Avenue to Nicholson Avenue; <br /> Waterbury Road from Lewis Drive to Franklin Boulevard; <br /> Cove Avenue from Clifton Road to Lake Avenue; <br /> Woodward Avenue from Delaware Avenue to North Marginal Road; <br /> Arliss Drive from Cove Avenue to the cul-de-sac; and <br /> Carabel Avenue from Madison Avenue to Lakewood Heights <br /> Boulevard, <br /> <br /> by the necessary grading and replacement of the base, resurfacing with <br /> asphaltic concrete including the necessary replacement and resetting of <br /> castings together with the necessary appurtenaces thereto, in the manner <br /> and between the termini provided in Resolution No. 5548, adopted <br /> April 6, 1981. <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 /> is paid, and shall mature in five (5) substantially equal annual install- <br /> ments after their issuance. <br /> <br />-2- <br /> <br /> <br />