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ORDINANCE NO. 32-85
<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. 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 />June 21, 1982, which notes were renewed annually, the most recent
<br />renewal being in the principal amount of $140,000 authorized by Ordinance
<br />No. 53-84 passed May 7, 1984, which notes are dated June 1, 1984, and
<br />will mature on May 31, 1985; and
<br />
<br /> WHEREAS, the amount of $70,000 is now available to 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 I. That it is hereby declared necessary to issue
<br />bonds of the City of Lakewood in the principal amount of $70,000 for
<br />the purpose of paying the property owners' portion ($25,620), in antici-
<br />pation of the levy and collection of special assessments, and the City's
<br />portion ($44,380) 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 />
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