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ORDINANCE NO. 55-84
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<br />By: Brown, Chinnock, Gallagher,
<br /> Graham, McBride, Salmon, Wendling
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<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,
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<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 removal, where necessary, of the existing surface course, by
<br />grading and replacement, where necessary, of the base and by resurfacing
<br />with asphaltic c6ncrete, including the necessary replacement and reset-
<br />ting of castings together with the necessary appurtenances thereto.
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<br /> WHEREAS, pursuant to Ordinance No. 49-83 passed May 2, 1983,
<br />this Council authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $750,000 for the purpose
<br />hereinafter stated, which notes are dated June 1, 1983, and will mature
<br />on 3une 1, 1984; and
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<br /> WHEREAS, the amount of $150,000 is now available to apply
<br />against the principal of said notes and that after the application of
<br />said $150,000 to the payment thereof, the remaining outstanding
<br />principal amount of said notes (to-wit, $600,000) shall be funded by the
<br />issuance of new noses in anticipation of the issuance of bonds for the
<br />purpose hereinafter stated; and
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<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
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<br /> WHEREAS, this ordinance is a.n 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;
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<br /> NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood,
<br />Cuyahoga County, Ohio:
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<br /> Section 1. That it is hereby declared necessary to issue
<br />bonds of the City of Lakewood in the principal amount of $600,000 for
<br />the purpose of paying the property owners' portion ($235,200), in
<br />anticipation of the levy and collection of special assessments, and the
<br />City's portion ($364,800) of the cost of improving Ridgewood Avenue and
<br />certain other streets described in Ordinance No. 34-83 duly passed by
<br />the City Council on April 18, 1983, by removal, where necessary, of the
<br />existing surface course, by grading and replacement, where necessary, of
<br />the base, and by resurfacing with asphaltic concrete, including the
<br />necessary replacement and resetting of castings together with the
<br />necessary appurtenances thereto, in the manner and between the termini
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