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ORDINANCE NO. 24-89
<br />
<br />By:
<br />
<br />Chinnock, Gallagher, Gazzana,
<br />George, 'Graham, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $125,000 Bunts Road
<br />Improvement Bond Anticipation Notes - 1989 Renewal of the City of
<br />Lakewood, Ohio, in anticipation of the issuance of bonds, for the pur-
<br />pose 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, Ohio, by reconstruction of the roadway, replacing
<br />curbing, installing handicapped ramps, together with the necessary
<br />appurtenances thereto.
<br />
<br /> WHEREAS, pursuant to Ordinance No. 111-86 passed October 20,
<br />1986, the Council authorized the issuance of notes in anticipation of
<br />the issuance of bonds in the principal amount of $250,000 for the pur-
<br />pose hereinafter stated, which notes were dated May 14, 1986, and
<br />matured on May 14, 1987, which notes are renewed annually, the most
<br />recent renewal being in the principal amount of $150,000 authorized by
<br />Ordinance No. 29-88 passed April 4, 1988 which notes were dated May 13,
<br />1988 and will mature on May 12, 1989; and
<br />
<br /> WHEREAS, the amount of $25,000 is now available to apply
<br />against the principal of said notes and that after the application of
<br />said $25,000 to the payment thereof, the remaining outstanding principal
<br />amount of said notes (to wit, $125,000) 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 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 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 $125,000 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, 1990, 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 />
<br />
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