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<br /> r <br />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 /> 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 /> NOW, THEREFORE , BE IT ORDAINED by the City of Lakewood, <br />Cuyahoga County, Ohio: <br /> Section 1. That it is hereby declared necessary to issue <br />bonds of the City of Lakewood in the principal amount of $320,000 for <br />the of paying the property , portion ($80,934.30), in <br />purpose owners anticipation of the leVy and collection of special assessments, and the <br />City's portion ($239,065.70) of the cost of improving Jackson Avenue, <br />Lincoln Avenue, Giel Avenue, Lakewood Heights Boulevard, Edgewater <br />Drive, Belle Avenue, McKinley Avenue, Cove Avenue, Lewis Drive, Reveley <br />Avenue"and Alger Road, by removal, where necessary, of the existing <br />surface course, by grading and replacement, where necessary, of the <br />base, and by resurfacing with asphaltic concrete, including the necessary <br />replacement and resetting of castings together with the necessary ap- <br />purtenances thereto, in the manner and between the termini provided in <br />Resolution No. 5619 duly adopted by the Council of the City on <br />December 7, 1981, and Resolution No. 5638, adopted December 21, 1981. <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 /> -2- <br /> <br />