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ORDINANCE NO. 37-87 By:
<br />
<br /> Brown, Chinnock, Gallagher,
<br />Graham, McBride, Salmon, Wendl!ng
<br />
<br /> AN F~RGENCY ORDINANCE to provide for the issuance of notes of
<br />the City of Lakewood, Ohio, ~n anticipation of the issuance of bonds,
<br />for the purpose of paying the City's portion of the cost of improving,
<br />in cooperation with the Director of Transportation of the State of Ohio,
<br />Bunts Road from Lakewood Heights Boulevard to Clifton Boulevard in the
<br />City of Lakewood, Ohio, by reconstruction of the roadway, replacing
<br />curbing, installing hsndlcapped ramps, together with the necessary
<br />appurtenances thereto.
<br />
<br /> t~tEREAS, pursuant to Ordinance No. 111-86 passed October 20,
<br />1986, this Council authorized the issuance of notes in anticipation of
<br />the issuance of bonds in the principal .amount of $250,000 for the
<br />purpose hereinafter stated, which notes were dated May 14, 1986, and
<br />will mature on May 14, 1987; and
<br />
<br /> WHEREAS, the amount of $50,000 is now available to apply
<br />against the principal of said notes and that after the application of
<br />said $50,000 to the payment thereof, the remaining outstanding principal
<br />amount of said notes (to wit, $200,000) shall be fumed by the issuance
<br />of new notes in anticipation of the issuance of bonds for the purpose
<br />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 twenty
<br />(20) years and that the maximum maturity of notes issued in anticipation
<br />of said bonds is twenty (20) years from the date of issuance of the
<br />original 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 Coun'ty, 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 $200,000 for
<br />the purpose of paying the City's portion of the cost of improving, in
<br />cooperation with the Director of Transportation of the State of Ohio,
<br />Bunts Road from Lakewood Heights Boulevard to Clifton Boulevard in the
<br />City of Lakewood, by reconstruction of the roadway, replacing curbing,
<br />installing handicapped ramps, together with the necessary appurtenances
<br />thereto.
<br />
<br />Section 2. That said bonds shall be dated approximately
<br />May 1, 1988, shall bear interest at the estimated rate of ten per centum
<br />(10%) per annum, payable semi-annually, until the principal sum is paid,
<br />and shall mature in twenty (20) substantially equal annual installments
<br />sfter their issuance.
<br />
<br />
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