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ORDINANCE NO. 2~-87 <br /> <br />BY: Brown, Chinnock, Gallagher, <br /> Graham, McBride, Salmon, Wendling <br /> <br /> AN EMERGENCY ORDINANCE to provide for the issuance of <br />$1,200,000 bonds of the City of Lakewood, Ohio, for the purpose of <br />replacing water mains, fire hydrants and curb connections, together with <br />the necessary appurtenances thereto, in. Coutant Avenue from Madison <br />Avenue to Detroit Avenue, Winchester Avenue from Madison Avenue to <br />Detroit Avenue, Rosalie Avenue from Lake Road to Edgewater Drive, <br />Abbieshire Avenue from Lake Road to Ed§ewater Drive and Alger Road from <br />Lakewood Heights Boulevard to Warren Road; <br /> <br /> WHEREAS, the Director of Finance, as fiscal officer, has <br />certified to the maximum maturity of the bonds proposed to be issued and <br />as to the estimated life of the improvements, so constructed; 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 and for the further reason that the immediate <br />issuance and sale of the bonds herein authorized is necessary to provide <br />for the construction of water system improvements in the City in order <br />to protect the health and property of the citizens of the City; <br /> <br />NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood: <br /> <br /> Section 1. It is hereby declared necessary to issue bonds <br />(hereinafter called the "Bonds") of the City of Lakewood in the princi- <br />pal amount of $1,200,000 for the purpose of replacing water mains, fire <br />hydrants and curb connections, together with the necessary appurtenances <br />thereto, in Coutant Avenue from Madison Avenue to Detroit Avenue, <br />Winchester Avenue from Madison Avenue to Detroit Avenue, Rosalie Avenue <br />from Lake Road to Edgewater Drive, Abbieshire Avenue from Lake Road to <br />Edgewater Drive and Alger Road from Lakewood Heights Boulevard to Warren <br />Road; <br /> <br /> Section 2. Said Bonds shall be dated May 1, 1987 shall be <br />numbered from 1 upwards; shall be of the denomination of $5,000 or <br />integral multiples thereof; and shall bear interest from their respec- <br />tive dates at the rate of ten per centum (10%) per annum, payable <br />semiannually on the first day of June and the first day of December of <br />each year (the "Interest Payment Dates"), beginning December 1, 1987, <br />until the principal sum is paid; provided, however, that if the Bonds <br />are sold bearing a different rate of interest than herein specified, <br />such Bonds shall bear such rate of interest as may be provided in the <br />ordinance of Council approving the award thereof. Such Bonds shall <br />mature as follows: $120,000 on December 1 in each of the years from <br />1988 to 1997 inclusive, which maturities are hereby determined to be in <br />substantially equal annual installments. <br /> <br /> Section 3. Said Bonds shall express upon their faces the <br />purpose for which they are issued and that they are issued pursuant to <br />this ordinance; shall be designated "1987 Water System Improvement <br />Bonds"; shall be executed by the Mayor and by the Director of Finance, <br />both of whose signatures may be facsimile signatures; shall bear the <br />corporate seal of the City or a facsimile thereof; shall be issued only <br />in fully registered form; and shall be registered as to both principal <br /> <br /> <br />