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ORDINANCE NO. 38-87
<br />
<br />By: Brown, Chinnock, Gallagher,
<br /> Graham, 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 reconstructing and repairing certain concrete side-
<br />walks in the City of Lakewood, Ohio.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 41-86 passed April 21,
<br />1986, this Council authorized the issuance of notes in anticipation of
<br />the issuance of bonds in the principal amount of $300,000 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 $60,000 is now available to apply
<br />against the principal of said notes and that after the application of
<br />said $60,000 to the payment thereof, the remaining outstanding principal
<br />amount of said notes (to-wit, $240,000) shall be funded 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 five (5)
<br />years and that the maximum maturity of motes 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 $240,000 for
<br />the purpose of paying the property owners' portion ($144,000), in
<br />anticipation of the levy and collection of special assessments, and the
<br />City's portion ($96,000) of the cost of reconstructing and repairing
<br />certain concrete sidewalks in the City of Lakewood, Ohio, in the manner
<br />and between the termini provided in Resolution No. 4771 duly adopted by
<br />the Council of the City on April 20, 1970.
<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 five (5) substantially equal annual installments
<br />after their issuance.
<br />
<br /> Section 3. That it is hereby determined that notes (herein-
<br />after called the "Notes") in the principal amount of $240,000 shall be
<br />issued in anticipation of the issuance of said bonds for the above-
<br />
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