|
ORDINANCE NO. 51-84
<br />
<br />By: Brown, Chinnock, Gallagher, Graham,
<br /> McBride, Salmon, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes of
<br />the City of Lakewood, Ohio, in anticipation of the issuance of bonds,
<br />for the purpose of paying the property owners' portion, in anticipation
<br />of the levy and collection of special assessments, and the City's por-
<br />tion of the cost of improving certain streets in the City of Lakewood,
<br />Ohio, by the necessary grading and replacement of the base, resurfacing
<br />with asphaltic concrete, including the necessary replacement and reset-
<br />ting of castings together with the necessary appurtenances thereto.
<br />
<br /> WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the improvements
<br />hereinafter mentioned is at least five (5) years and has further certi-
<br />fied the maximum maturity of the hereinafter mentioned bonds is five (5)
<br />years and that the maximum maturity of notes issued in anticipation of
<br />said bonds is five (5) years from the date of issuance of the original
<br />notes, or one (1) year if sold privately; and
<br />
<br /> WHEREAS, this ordinance is an emergercy measure which is
<br />necessary for the immediate preservation of the public peace, property,
<br />health, safety and welfare in the City and for the further reason that
<br />the immediate issuance and sale of the notes herein authorized is neces-
<br />sary to provide for the construction of street improvements in the City
<br />in order to remove hazards to traffic;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue
<br />bonds of the City of Lakewood in the principal amount of $300,000 for
<br />the purpose of paying the property owners' portion ($168,407.44), in
<br />anticipation of the levy and collection of special assessments, and the
<br />City's portion ($131,592.56) of the cost of improving Delaware Avenue
<br />and certain other streets described in Ordinance NO. 46-84 duly passed
<br />by the Council of the City on April 16, 1984, by removal, where
<br />necessary, of the existing surface course, by grading and replacement,
<br />where necessary, of the base, and by resurfacing with asphaltic
<br />concrete, including the necessary replacement and resetting of castings
<br />together with the necessary appurtenances thereto, in the manner and
<br />between the termini provided in Resolution No. 5837-84 duly adopted by
<br />the Council of the City on March 5, 1984.
<br />
<br />Section 2. That said bonds shall be dated approximately
<br />May 1, 1985, shall bear interest at the estimated rate of ten per centum
<br />(10%) per annum, payable semi-annually, until the principal sum is paid,
<br />and shall mature in five (5) substantially equal annual installments
<br />after their issuance.
<br />
<br /> Section 3. That it is hereby determined that notes (herein-
<br />after called the "Notes") in the principal amount of $300,000 shall be
<br />issued in anticipation of the issuance of said bonds for the above-
<br />described purpose. The Notes shall bear interest at a rate or rates not
<br />exceeding the maximum interest ratepermitted by law, as may be fixed by
<br />the Director of Finance in his certificate awarding the Notes at private
<br />sale, such interest to be payable at maturity, with provision, if
<br />
<br />
<br />
|