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<br />ORDINANCE NO. 37-85
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<br />By: Brown, Chinnock, Gallagher, Graham
<br />McBride, Salmon, Wendling
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<br />AN EMERGENCY ORDINANCE to provide for the issuance of notes 6£
<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 Chester land Avenue and certain other
<br />streets in the City of Lakewood, Ohio, by the necessary grading and
<br />replacement of the base, resurfacing with asphaltic concrete, including
<br />the necessary replacement and resetting of castings together with the
<br />necessary appurtenances thereto.
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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 df issuance of the driginal
<br />notes, or one (1) year if sold privately; and
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<br />WHEREAS, this ordinance is an emergency measure which is
<br />necessary fdr 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 ndtes herein authorized is neces-
<br />sary to provide fot the construction of street improvements in the City
<br />in order to remove hazards to traffic;
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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 L That it is hereby declared necessary to issue
<br />bonds of the City of Lakewood in the principal amount of $700.000 for
<br />the purpose of paying the property owners' portion ($170.000), in
<br />anticipation of the levy and collection of special assessments, and the
<br />City's portion ($530,000) of the cost of improving Chesterland Avenue,
<br />Cook Avenue, Glenbury Avenue, Lake Road, Manor Park Drive. anq Parks ide
<br />Drive, by the necessary grading and replacement of the base, resurfacing
<br />with asphaltic concrete, including the necessary replacemeñt and
<br />resetting of castings together with the necessary appurtenances thereto,
<br />in the manner and between the termini provided in Resdlution No. 5931-85
<br />duly adopted by the Council of the City on February 19, 1985.
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<br />Section 2. That said bonds shall be dated approximately
<br />May 1, 1986, shall bear interest at the estimated rate of ten per centum
<br />(10%) per annum, payable semi-annually, until the principal sum is paid.
<br />and shall mature in five (5) substantially equal annual installments
<br />after their issuance.
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<br />Section 3. That it is hereby determined that notes (herein-
<br />after called the "Notes ") in the principal amount of $700,000 shall be
<br />issued in anticipation of the issuance of said bonds for the above-
<br />described purpose. The Notes shall bear interest ,at a xateot rates not
<br />exceeding the maximum interest rate permitted by law, as may be fixed by
<br />the Director of Finance in his certificate awarding the Notes at private
<br />sale, such interest to be payable at maturity, with provision, if
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