87-83 Amend 84-83 reduce principal of Waterford breakwall

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ORDINANCE NO. 87-83 By: Brown, Gallagher, Graham, McBride, Wendling AN EMERGENCY ORDINANCE to amend Ordinance No. 84-83 to reduce the principal amount of Waterford Breakwall Bonds of the City of Lake- wood, Ohio, from $155,000 to $93,000, to adjust the maturity schedule therefor and to provide for additional terms of registration. WHEREAS, this Council authorized the issuance of $155,000 bonds of the City for the purpose of paying the property owners' por- tion, 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 City Council on April 5, 1982, by con- structing thereon a concrete breakwall with concrete modules, fill and end return (the "Bonds"), by Ordinance No. 84-83 passed on July 18, 1983 (the '~riginal Bond Ordinance"); and WHEREAS, cash payments in the amount of $62,000 have been received from property owners who were to be assessed and the period for receiving such cash payments has ended; and WHEREAS, the receipt of such cash payments requires that Sec- tions 1 and 2 of the Original Bond Ordinance be amended to provide for a reduced principal amount of theBonds and to adjust the maturity sched- ule therefor; and WHEREAS, this Council desires to provide for additional terms of registration of the Bonds by amending Section 3 of the Original Bond Ordinance; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood: Section 1. Section 1 of the Original Bond Ordinance, which now reads: "Section 1. It is hereby declared necessary to issue bonds (hereinafter called the "BondS") of the City of Lakewood in the principal amount of $155,000 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 City Council on April 5, 1982, by con- structing thereon a concrete breakwall with concrete modules, fill and end return. Said Bonds shall be issued in one lot and notes have been issued in an- ticipation of said Bonds." is hereby amended to read: "Section 1. It is hereby declared necessary to issue bonds (hereinafter called the "Bonds") of the City of Lakewood in the principal amount of $93,000 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