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ORDINANCE NO. 35-85
<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. 51-84 passed May 7, 1984,
<br />this Council authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $300,000 for the purposes
<br />hereinafter stated, which notes are dated June I, 1984, and will mature
<br />on May 31, 1985; and
<br />
<br /> WHEREAS, the amount of $60,000 is now available to apply
<br />against the principal of said notes and that after the application of
<br />said $60,000 to the payment thereof, the remaining outstanding principal
<br />amount of said (to-wit, $240,000) shall be funded by the issuance of new
<br />notes in anticipation of the issuance of bonds for the purpose herein-
<br />after 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 $240,000 for
<br />the purpose of paying the property owners' portion ($134,400), in
<br />anticipation of the levy and collection of special assessments, and the
<br />City's portion ($105,600) of the cost of improving Delaware Avenue and
<br />certain other streets described in Ordinance No. 46-84 duly passed by
<br />the Council of the City on April 16, 1984, by removal, where necessary,
<br />of the existing surface course, by grading and replacement, where
<br />necessary, of the base, and by 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 />termini provided in Resolution No. 5837-84 duly adopted by the Council
<br />of the City on March 5, 1984.
<br />
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