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ORDINANCE NO. 52-84
<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, pursuant to Ordinance No. 33-80 passed May 5, 1980,
<br />this Council authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $360,000 for the purpose
<br />hereinafter stated, which notes were dated July 1, 1980, and matured on
<br />July 1, 1981, which notes were renewed annually, the most recent renewal
<br />being in the principal amount of $140,000 authorized by Ordinance No.
<br />46-83 passed May 2, i983, which notes are dated June 1, 19~3 and will
<br />mature on June 1, 1984; and
<br />
<br /> WHEREAS, the amount of $70,000 is now available tn apply
<br />against the principal of said notes and that after the application of
<br />said $70,000 to the payment thereof, the remaining outstanding principal
<br />amount of said notes (to-wit, $70,000) shall be funded by the issuance
<br />of new notes in anticipation of the issuance of bonds for the purpose
<br />hereinafter stated; and
<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 emergency 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 funds to retire the outstanding notes which are about to
<br />mature and thereby protect the credit of the City;
<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 $70,000 for the
<br />purpose of paying the property owners' portion ($25,900), in anticipation
<br />of the levy and collection of special assessments, and the City's
<br />portion ($44,100) of the cost of improving Waterbury Avenue, Wyandotte
<br />Avenue, Woodward Avenue, Wagar Avenue, Victoria Avenue, Bunts Road,
<br />Thrush Street, DelaWare Avenue, Atkins Avenue, Whippoorwill Avenue,
<br />Clifton Place, Adeline Avenue and Hilda Avenue, by the necessary grading
<br />and replacement of the base, resurfacing with asphaltic concrete,
<br />including the necessary replacement and resetting of castings together
<br />with the necessary appurtenances thereto, in the manner and between the
<br />
<br />
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