74-83 Property owners portion - breakwall BAN

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OPJ)INANCE NO, 74-83 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 easements described in Resolution No. 5715 and Resolution No. 5709 by constructing thereon breakwalls with concrete modules and end returns. W]{EREAS, pursuant to Ordinance No. 83-82, passed October 18, 1982, this Council authorized the issuance of notes in anticipation of the issuance of bonds in the principal amount of $110,000 for the pur- pose of paying the property owners' portion, in anticipation of the levy and collection 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, 1982, and Resolution No. 5709 duly adopted by the Council of =he City on September 20, 1982, by construc- ting thereon breakwalls with concrete modules and end returns, which notes were dated November 10, 1982 and matured on July 1, 1983, which notes were retired with the proceeds of notes in the amount of $110,000, which notes are dated 3uly 1, 1983 and will mature on August 16, 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