|
ORDINANCE NO. 37-86
<br />
<br />By: Brown, Chinnock, Gallagher, Graham,
<br /> .McBride, Salmon
<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 Chesterland 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.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 37-85 passed May 6, 1985,
<br />this Council authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $700,000 for the purpose
<br />hereinafter stated, which notes were dated May 14, 1985, and will mature
<br />on May 14, 1986; and
<br />
<br /> WHEREAS, the amount of $140,000 is now available to apply
<br />against the principal of said notes and that after the application of
<br />said $140,000 to the payment thereof, the remaining outstanding princi-
<br />pal amount of said notes (to-wit, $560,000) shall be funded by the
<br />issuance of new notes in anticipation of the issuance of bonds for the
<br />purpose 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 1. That it is hereby declared necessary to issue
<br />bonds of ~he City of Lakewood in the principal amount of $560,000 for
<br />the purpose of paying the property owners' portion ($136,000), in anti-
<br />cipation of the levy and collection of special assessments, and the
<br />City's portion ($424,000) of the cost of improving Chesterland Avenue,
<br />Cook Avenue, Glenbury Avenue, Lake Road, Manor Park Drive and Parkside
<br />Drive, 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, in
<br />the manner and between the termini provided in Resolution No. 5931-85
<br />duly adopted by the Council of the City on February 19, 1985.
<br />
<br />
<br />
|