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ORDINANCE NO. 59-82 By: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the levy and collection of special assessments and in anticipation of the issuance of bonds to pay the property owners' portion of the cost of improving an easement in the City of Lakewood, Ohio, by constructing therein a concrete modular breakwall and shore return at each termination of the breakwalt to- gether with necessary appurtenances thereto. WHEREAS, pursuant to Ordinance No. 54-81, passed June 15, 1981, this Council authorized the issuance of notes in anticipation of the issuance of bonds in the principal amount of $200,000 for the purpose hereinafter stated, which notes were dated July 28, 1981, and will mature on July 28, 1982; and WHEKEAS, 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 ten (10) years and that the maximum maturity of notes issued in anticipation of said bonds is five (5) years from the date of issuance of the original 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 retire.the outstanding notes which are about to mature and thereby protect the credit of the City; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: