01-86 Receive early payment for breakwall

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ORDINANCE NO. 1-86 BY: Ch~nnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE AUTHORIZING THE CITY'S DIRECTOR OF FINANCE TO RECEIVE EARLY PAYMENT OF A CERTAIN SPECIAL ASSESSMENT FOR THE CRANE/SESSIONS BREAKWALL IMPROVEMENT AND TO ABATE AND REFUND THE INTEREST FOR THE FINAL NINE YEARS OF SAID SPECIAL ASSESSMENT. WHEREAS, the City of Lakewood, Ohio (the "City") has specially assessed the property which bears the permanent parcel number 311-10-02 (the '~ssessed Property") for the Crane/Sessions Breakwall Improvement (the "Improvement"), which assessment is to be paid over a ten year period; and WHEREAS, the City has issued the $111,000 - 8.25Z Crane-Sessions Breakwall Bonds, dated October 1, 1983 (the "Bonds") in anticipation of the receipt of such special assessments; and WHEREAS, the Owner of the Assessed Property, pursuant to Sections 323.06 and 323.07, Ohio Revised Code, has surrendered one of said Bonds in the principal of $13,000 to the Treasurer of Cuyahoga County, Ohio (the "Treasurer") in partial payment of assessments on the Assessed Property; and WHEREAS, the Owner of the Assessed Property will pay the remaining balance due for said special assessment on the Assessed Property to the Treasurer; and WHEREAS, the Treasurer will deliver said surrendered Bond to the City for cancellation and remit such remaining balance due for said special assessment on the Assessed Property to the City's Director of Finance; and WHEREAS, the City will not be required to pay further interest on said surrendered Bond after its cancellation and the City may invest the advance payment for the principal portion of the special assessment on the Assessed Property, it is hereby determined to be an appropriate and proper municipal public purpose to authorize the City's Director of Finance to abate the interest portion of the special assessment for the final nine (9) years of the assessment on the Assessed Property and to refund such interest portion to the owner of the Assessed Property; and WHEREAS, this Council by two-thirds (2/3) vote of the members elected thereto determines that this ordinance is an emergency ordinance for the immediate preservation of the public peace, property, health, safety and welfare and for the further reason that prompt action is required for a timely completion of the transaction authorized by this ordinance and Sections 323.06 and 323.07, Ohio Revised Code; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood: Section 1. The City's Director of Finance is hereby authorized and directed to take the following actions: a. To receive and cancel one of the Bonds, in the principal amount of $13,000, which Bond is to be surrendered to the Treasurer by the owner of the Assessed Property pursuant to Sections 323.06 and 323.07, Ohio Revised Code;