41-86 Sidewalk BAN - Laserfiche WebLink

Home Browse Search

''-- ORDINANCE NO. 41-86 By: Brown, Chinnock, Gallagher, Graham, McBride. Salmon AN EMERGENCY ORDINANCEto provide for the issuance of notes of the City of Lakewood. Ohio. in anticipation of the issuance of bonds. for the purpose of paying the property owners' portion, in anticipation of the levy and collection of special assessments, and the City's por- tion of the cost of reconstructing and repairing certain concrete side~ walks in the City of Lakewood, Ohio. 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 five (5) years and that the maximum maturity of notes issued in anticipation of said bonds is five (5) years from the date of issuance of the original notes, or one (f) year if sold privately; and WHEREAS, this ordinance is an 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 authorized is neces_ sary to provide for the reconstruction of sidewalks in the City in order to remove hazards to pedestrians; NOW, THEREFORE, BE IT ORDAINED by the City of Lake~.lOod, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $300,000 for the purpose öf paying the property owners 'portion ($180,000), in anticipation of the levy and collection of special assessments, and the City's portion ($120,000) of the cost of reconstructing and repairing certain concrete sidewalks in the City of Lakewood, Ohio, in the manner and between the termini provided in Resolution No. 4771 duly adopted by the C~uncil of the City on April 20, 1970. Section 2. That said bonds shall be dated approximately April 1, 1987, shall bear interest at the estimated rate of ten per centum (10%) per annum, payable semi-annually, until the principal Bum is paid, and shall mature in five (5) substantially equal annual in- stallmentsafter their issuance. Section 3. That it is hereby determined that notes (herein~ after called the "Notes") in the principal amount of $300,000 shall be issued in anticipation of the issuance of said bonds for the above,... described purpose. The Notes shall bear interest at a rate or rates not exceeding the maximum interest rate of fifteen per centum 05%) per annum, as may be fixed by the Director of Finance in his certificate awarding the Notes at private sale, such interest to be payable at maturity, with 'provision, if requested by the purchaser, that, in the event of default. the same shall bear inter~est .,at a rate or rates not exceeding the maximum interest rate of fifteen per centum (15%) per annum until the principal sum is paid; shall b~ dated their date of issuance and shall mature one year from such date; shall not be subject to redemption by the City at any time prior to maturity, unless the