Laserfiche WebLink
said bonds is five (5) years ~rom 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 $140,000 for <br /> the purpose of paying the property owners' portion ($52,406.73), in <br /> anticipation of the levy and collection of special assessments, and the <br /> City's portion ($87,593.27) of the cost of improving Waterbury Avenue, <br /> Wyandotte Avenue, Woodward Avenue, Wagar Avenue, Victoria Avenue, Bunts <br /> Road, 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, <br /> including the necessary replacement and resetting of castings together <br /> with the necessary appurtenances thereto, in the manner and between the <br /> termini provided in Resolution No. 5362 duly adopted by the Council of <br /> the City on January 15, 1979, as amended by Resolution No. 5388, adopted <br /> April 3, 1979 and Resolution No. 5427, adopted December 4, 1979. <br /> <br /> Section 2. That said bonds shall be dated approximately <br /> June l, 1984, 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 />