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<br />ORDINANCE NO.
<br />
<br />72-87
<br />
<br />By-: Brown,Chiónock, Gallagher,
<br />Graham, McB-ride, Salmon, Wendling
<br />
<br />AN EMERGENCY ORDINANCE to provide for $~OJOOO Parkside-McKinley
<br />Water Main Bond Anticipation Notes - 1987 Renewal of the City of Lakewood,
<br />Ohio, in anticipation of the issuance, of bonds for the purpose of
<br />replacing water mains; fire hydrants and curb connections in Parkside
<br />Drive and curb connections in McKinley Avenue.
<br />
<br />WHEREAS, pursuant to Ordinance No. 115-84 passed October 15,
<br />1984. the Council of the City authorized the issuance of notes in
<br />anticipation of the issuance of bonds in the principal amount, of
<br />$100,000 for the. purpose hereinafter stated, which notes were dated
<br />November 15, 1984 and matured on November 14, 1985. which notes were
<br />retired with funds of the City in the amount of $20,000 and with the
<br />proceeds of notes in the principal~ amount of $80,000, which notes were
<br />dated November 14, 1985 and matured on October 17, 1986, which notes
<br />were retired with funds of the City in the amount of $20,000 and with
<br />the proceeds of notes in the principal amount of $60,000, which notes
<br />are dated Octöber 17, 1986 and will mature on August 26, 1987-; and
<br />
<br />WHEREAS, the Director of Finance, as fiscal officer, has
<br />certified to this Council that the estimated life of the improvement
<br />hereinafter mentioned is at least five (5) years and has further certi-
<br />fied the maximum maturity of the hereinafter mentioned bonds is forty
<br />(40) 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, the Council of the City has determined that $20,000
<br />is now available to apply against the principal of said notes. and that
<br />after the application of said $20,000 to the _payment thereof, the
<br />remaining outstanding principal of said notes (to wit, $40,000) shall be
<br />funded by the issuance of new notes in anticipation of the issuance of
<br />bonds for the purpose hereinafter stated; 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 Ci ty of lakewaod,
<br />Cuyaþoga County, Ohio:
<br />
<br />Section 1. It is hereby declared necessary to issue bonØs of
<br />the City of Lakewood in the principal amount of $40,000 for the purpose
<br />of replacing water mains, fire hydrants and ~urb connections in Parks ide
<br />Drive and curb connections in McKinley Avenue.
<br />
<br />Section 2. Said bonds shall be dated approximately August 1,
<br />1988, shall bear interest at the estimated rate of ten per centum (10%)
<br />per annum, payable semi-annually, until the principal-sum is paid, and
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