42-82 Replace water main, hydrants - Cohassett BAN

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ORDINANCE NO. 42-82 By: Brown, Chinnock, Gallagher, Graham, Salmon, Wendling AN EMERGENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of replacing a water main, fire hydrants and curb connections in Cohassett Avenue. WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvement hereinafter mentioned is at least five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is forty (40) years and that the maximum maturity of notes issued in anticipation of said bonds is eight (8) years from the date of issuance of the orig- inal notes, or one (1) year if sold privately; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the further reason that the immediate issuance and sale of the notes herein authorized is neces- sary to provide funds to replace a water main and fire hydrants which are needed immediately'in order to protect the lives and property of the citizens of the City; NOW, THEREFORE, BE IT ORDAINED by 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 $250,000 for the purpose of replacing a water main, fire hydrants and curb connections in Cohassett Avenue. Section 2. That said bonds shall be dated approximately July 1, 1983, shall bear interest at the estimated rate of twelve per