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said bonds is five (5) years from 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 $210,000 for <br /> the purpose of paying the property owners' portion ($76,938.93), in <br /> anticipation of the levy and collection of special assessments, and the <br /> City's portion ($133,061.07) of the cost of improving Athens Avenue, <br /> Williamson Avenue, Cohassett Avenue, Seneca Avenue, Emerson Avenue, <br /> Waterbury Road, Cove Avenue, Woodward Avenue, Arliss Avenue, and Carabel <br /> Avenue, by the necessary grading and replacement of the base, resurfacing <br /> with asphaltic concrete, including the necessary replacement and re- <br /> setting of castings together with the necessary appurtenances thereto, <br /> in the manner and between the termini provided in Resolution No. 5548 <br /> duly adopted by the Council of the City on April 6, 1981. <br /> <br /> Section 2. That said bonds shall be dated approximately <br /> June 1, 1984, 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 in- <br /> stallments after their issuance. <br /> <br />-2- <br /> <br /> <br />