59-82 Construct breakwall BAN - Laserfiche WebLink

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Section 1. It is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $200,000 for the purpose of paying the property owners' portion, in anticipation of the levy and collection of special assessments, of the cost of improving the munici- pal easement described in Resolution No. 5577 adopted June 15, 1981, by constructing therein-a concrete modular breakwall and shore return at each termination of the breakwall together with necessary appurtenances thereto. Section 2. Said bonds shall be dated approximately December 1, 1982, 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 ten (10) substantially equal annual installments after their issuance. Section 3. It is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $200,000 shall be issued in anticipation of the issuance of said bonds for the above-described purpose and to pay and retire the outstanding notes. 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 sale, such interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a rate which shall not exceed fifteen per centum (15%) per annum until the principal sum is paid; shall be dated July 28, 1982; shall mature on December 14, 1982; shall not be subject to redemption by the City at any time prior to maturity, unless the original purchaser of the Notes requests that the Notes provide for such redemption, in which case provision shall be made for calling the Notes for redemption upon ten (10) days written notice to the original purchaser; shall be designated "1981 Breakwall -2-