51-83 Property owners portion - breakwall - BAN

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WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the further reason that 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 $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. 567& 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. 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 paid, 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 $165,000 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 D/rector 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 ra~e -2-