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ORDINANCE NO. 53-84 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. 39-81 passed May 4, 1981,
<br /> this Council authorized the issuance of notes in anticipation of the
<br /> issuance of bonds in the principal amount of $350,000 for the purpose
<br /> hereinafter stated, which notes were dated June 22, 1981, and matured on
<br /> 3une 21, 1982, which notes were renewed annually, the most recent
<br /> renewal being in the principal amount of $210,000 authorized by Ordinance
<br /> No. 47-83 passed May 2, 1983, which notes are dated June 1, 19~3, and
<br /> will mature on 3une 1, 1984; and
<br />
<br /> WHEREAS, the amount of $70,000 is now available to aFply
<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, $140,000) 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 $140,000 for
<br /> the purpose of paying the property owners' portion ($51,800), in antici-
<br /> pation of the levy and collection of special assessments, and the City's
<br /> portion ($88,200) of the cost of improving Athens Avenue, Williamson
<br /> Avenue, Cohassett Avenue, Seneca Avenue, Emerson Avenue, Waterbury Road,
<br /> Cove Avenue, Woodward Avenue, Arliss Avenue, and Carabel Avenue, by the
<br /> necessary grading and replacement of the base, 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 />
<br />
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