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ORDINANCE NO. 30-87
<br />
<br />By:
<br />
<br />Brown, Chinnock, Gallagher, Graham,
<br /> McBride, Salmon, Wendling
<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 certain streets in the City of Lakewood,
<br />Ohio, 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.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 49-83 passed May 2, 1983,
<br />this Council authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $750,000 for the purpose
<br />hereinafter stated, which notes were dated'June 1, 1983, and matured on
<br />June 1, 1984, which notes were renewed annually, the most recent renewal
<br />being in the principal amount of $300,000 authorized by Ordinance No.
<br />35-86 passed April 21, 1986, which notes are dated May 14, 1986, and
<br />will mature on May 14, 1987; and
<br />
<br /> WHEREAS, the amount of $150,000 is now available to apply
<br />against the principal of sa~d notes and that after the application of
<br />said $150,000 to the payment thereof, the remaining outstanding princi-
<br />pal amount of said notes (to-wit, $150,000) 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 /> ~EREAS, the Director of F~nance, as fiscal officer, has
<br />certified to this Council that the estimated life of the ~mprovements
<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 the City of Lakewood in the principal amount of $150,000 for
<br />the purpose of paying the property owners' portion ($58,800), in antici-
<br />pation of the levy and collection of special assessments, and the, City's
<br />portion ($91,200) of the cost of improving Ridgewood Avenue and certain
<br />other streets described in Ordinance No., 34-83 duly passed by the City
<br />Council on April 18, 1953, by removal, where necessary, of the existing
<br />surface course, by grading and replacement, where necessary, of the
<br />base, and by resurfactng with asphaltic concrete, including the neces-
<br />sary replacement and resetting of castings together with the necessary
<br />appurtenances thereto, in the manner and between the termini provided ~n
<br />Resolution No. 5731-83 duly adopted by the Council of the City on Febru-
<br />ary 7, 1983.
<br />
<br />
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