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ORDINANCE NO. 22-88
<br />
<br />By:
<br />
<br />Brown, Ch|nnock, Gallagher, Gazzana,
<br />Geor§e, Graham, Wendlin§
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $90,000 1984 Street
<br />.Improvement Bond Anticipation Notes - 1988 Renewal of the City of
<br /> Lakewood, Ohio, in anticipation of the issuance of bonds, for the
<br /> purpose of paying the property owners' portion, in anticipation of the
<br /> levy and collection of special assessments, and the City's portion of
<br /> the cost of improving certain streets in the City of Lakewood, Ohio, by
<br /> the necessary grading and replacement of the base, resurfacing with
<br /> asphaltic concrete, including the necessary replacement and resetting of
<br /> castings together with the necessary appurtenances thereto.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 51-84 passed May 7, 1984,
<br />this Council authorized the issuance of notes in anticipation of the
<br />issuance of bonds in the principal amount of $300,000 for the purposes
<br />hereinafter stated, which notes were dated June 1, 1984, and matured on
<br />Hay 14, 1985, which notes are renewed annually, the most recent renewal
<br />being in the principal amount of $120,000 authorized by Ordinance
<br />No. 31-87 passed April 6, 1987, which notes are dated Hay 14, 1987, and
<br />will mature on May 13, 19881 and
<br />
<br /> WHEREAS, the amount of $30,000 is now available to apply
<br />against the principal of said notes and that after the application of'
<br />said $30,000 to the payment thereof, the remaining outstanding principal
<br />amount of said (to-wit, $90,000) shall be funded by the issuance of new
<br />notes in anticipation of the issuance of bonds for the purpose herein-
<br />after 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 ~ximum maturity of notes issued in anticipation of
<br />said bonds is five (5) years from the date of issuance of the ortgtnal
<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 $90,000 for the
<br />purpose of paying the property Owners' portion ($63,600), in antici-
<br />pation of the levy and collection of special assessments, and the City's
<br />portion ($26,400) of the cost of improving Delaware Avenue and certain
<br />other streets described in Ordinance No. 46-84 duly passed by the Coun-
<br />cil of the City on April 16, 1984, by removal, where necessary, of the
<br />existing surface course, by grading and replacement, where necessary, of
<br />the base, and by resurfacing w/th asphaltic concrete, including the
<br />necessary replacement and resetting of castings together with the neces-
<br />sary appurtenances thereto, in the manner and between the termini
<br />
<br />
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