50-83 Property owners portion - breakwall - BAN

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the immediate issuance and sale of the notes herein authorized is neces- sary to provide funds to retire the outstanding notes which are about to mature and thereby protect the credit of the City; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $110,000 for the purpose of paying the property owners' port/on, in antic/pat/on of the levy and collect/on of special assessments of the cost of improving the municipal easements described in Resolution No. 5715 duly adopted by the Council of the City on October 18, and Resolution No. 5709 duly adopted by the Council of the City on September 20, 1982, by construc- ting thereon breakwalls with concrete modules end returns. Section 2. That said bonds shall be dated approximately August 1, 1983, shall bear interest at the estimated rate of twelve per centum (12%) per annum, payable semi-annually, until the principal sum is paidl and shall mature in ten (10) sUbstantially equal annual in- stallments after their issuance. Section 3. That it is hereby determined that notes (herein- after called the "Notes") in the principal amount of $110,000 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 -2-