36-85 Lake Ave reconstruction BAN

Home Browse Search

'~".\ ORDINANCE NO. 36-85 By: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE to provide for the issuance of notes öf the City of Lakewood, Ohio, in anticipation,. of the issuance of bonds, for the purpose of paying the City's portiö~ of the cost of improving, in cooperation with the Director of Transportation of the State of Ohio, Lake Avenue from West 117th Street to Webb Road in the City of Lakewood, Ohiö, by reconstruction of the roadway, replacing curbing, installing handicapped ramps, together with the necessary appurtenances thereto. WHEREASi pursuant to Ordinance No. 50-84 passed May 7, 1984, this Council authorized the issuance of notes in anticipation of the issuance of bonds in the principal amount of $400,000 for the purpose hereinafter stated, which notes are dated June 1, 1984, and will mature as May 31, 1985; and WHEREAS, the aniount of $80,000 is now available to apply against the principal of said notes and that after the application of said $80,000 to the payment thereof. the remaining outstanding principal a~ount of said (to-wit. $320,üOO) shall be funded by the issuance of new notes in anticipation of the issuance of bonds for the purpose herein- after stated; and WHEREAS, the Director of Finance, as fiscal officer. has certified to this Council that the estimated life of the improvements hereinafter mentioned is at least five (5) years and has further certi~ fied the maximum maturity of the hereinafter mentioned bonds is twenty (20) years and that the maximum maturity of notes issued in anticipation of said bonds is twenty (20) years from the date of issuance of the original notes, or one (1) year if sold privately; and WHEREAS, this ordinance is ail emergency measure which is necessary for the immediate preservation of the public peace. property, health~ safety and welfare in the City and for the further reason that the immediate issuance and sale of the notes herein ~uthorized is neces- sary to provide funds to retire the outstanding notes which are about to mature and thereby protect the credit of the City; NOW. THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewöod in the principal amount of $320.000 for the purpose of paying the City's portion of the coSt of improving, in cooperation with the Director of Transportation of the State öf Ohio, Lake Avenue froni West 11lth Street to Webb Road in the City of Lakewood. by reconstruction of the roadway. replacing curþing, installi~g handi- capped ramps, together with the necessary appurtenances theretp. Section 2. That said bonds shall be dated approximately May 1, 1986. shall bear interest at the estimated rate of ten per centum (10%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty (20) substantially equal annual installments after their issuance.