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<br /> -, r <br /> I <br />> <br />ORDINANCE NO. 48-83 By: Brown, Chinnock, Gallagher Graham, <br /> McBride, Salmon, Wendling <br />AN EMERGENCY ORDINANCE to provide for the issuance of notes of <br />the City of Lakewood, Ohio, in anticipation of the issuance of bonds, <br />for the purpose of paying the property owners' portion, in anticipation <br />of the levy and collection of special assessments, and the City's por- <br />tion of the cost of improving certain streets in the City of Lakewood, <br />Ohio, by the necessary grading and replacement of the base, resurfacing <br />with asphaltic concrete, including the necessary replacement and reset- <br />ting of castings together with the necessary appurtenances thereto. <br />WHEREAS, pursuant to Ordinance No. 36-80 passed May 17, 1982, <br />this Council authorized the issuance of notes in anticipation of the <br />issuance of bonds in the principal amount of $400,000 for the purpose <br />hereinafter stated, which notes are dated July 1, 1982, and will mature <br />on July 1, 1983; and <br />WHEREAS, the amount of $80,000 is now available to apply <br />against the principal of said notes and that after the application of <br />said $80,000 to the payment thereof, the remaining outstanding principal <br />amount of said notes (to-wit, $320,000) shall be funded by the issuance <br />of new notes in anticipation of the issuance of bonds for the purpose <br />hereinafter stated; and <br />WHEREAS, the Director of Finance, as fiscal officer, has <br />certified to this Council that the estimated life of th¢ improvements <br />hereinafter mentioned is at least five (5) years and has further certi- <br />fied the maximum maturity of the hereinafter mentioned bonds is five (5) <br />years and that the maximum maturity of notes issued in anticipation of <br /> i'./' <br /> <br />