51-83 Property owners portion - breakwall - BAN

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ORDINANCE NO. 51-83 By,.: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds for the purpose of paying the property owners' portion, in anticipation of the levy and collection of special assessments, of the cost of improving the municipal easement described in Resolution No. 5674 duly adopted by the Council of the City on April 5, 1982, by constructing thereon a concrete breakwall with concrete modules, fill and end return. WHEREAS, pursuant to Ordinance No. 61-82, passed July 6, 1982, this Council authorized the issuance of notes in anticipation of the issuance of bonds in the principal amount of $165,000 for the purpose of paying the property owners' portion, in anticipation of the levy and collection of special assessments, of the cost of improving the municipal easement described in Resolution No. 5674 duly adopted by the Council of the City on April 5, 1982, by constructing thereon a concrete breakwall with concrete modules, fill and end return, which notes were dated July 28, 1982 and matured on December 14, 1982, which notes were retired with the proceeds of notes in the principal amount of $165,000 authorized by Ordinance No. 94-82 passed December 6, 1982, which notes are dated December 14, 1982 and will mature on July 1, 1983; and WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvement hereinafter mentioned is at least five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is ten (10) years and that the maximum maturity of notes issued in anticipation of said bonds is five (5) years from the date of issuance of the original notes, or one (1) year if sold privately; and