|
ORDINANCE NO. 35-89
<br />
<br />By: Brown, Chinnock, Gazzana,
<br /> George, Graham, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE to provide for $500,000 1989 Street
<br />Improvement Bond Anticipation Notes of the City of Lakewood, Ohio, in
<br />anticipation of the issuance of bonds, for the purpose of paying the
<br />property owners' portion, in anticipation of the levy and collection of
<br />special assessments, and the City's portion of the cost of improving
<br />Cranford Avenue and certain other streets in the City of Lakewood, Ohio,
<br />by~.removal, where necessary, of the existing surface course, by grading
<br />and replacement, where necessary, of the base, and by resurfacing with
<br />asphaltic concrete, including the necessary replacement and resetting of
<br />castings together with the necessary appurtenances thereto.
<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 ce~ti-
<br />fied the maximum maturity of the hereinafter mentioned bonds is five (5)
<br />years and that the maximum maturity of notes 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 /> 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 for the construction of street improvements in the City
<br /> in order to remove hazards to traffic;
<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 $500,000 for
<br /> the purpose of paying the property owners' portion ($250,000), in an-
<br /> ticipation of the levy and collection of special assessments, and the
<br /> City's portion ($250,000) of the cost of improving Cranford Avenue,
<br /> Brockley Avenue, Overlook Road, Arlington Avenue, Clarence Avenue and
<br /> Parkwood Avenue in the City of Lakewood, Ohio, by removal, where
<br /> necessary, of the existing surface course, by grading and replacement,
<br /> where necessary, of the base, and by resurfacing with asphaltic
<br /> concrete, including the necessary replacement and resetting of castings
<br /> together with the necessary appurtenances thereto, in the manner and
<br /> between the termini provided in Resolution No. SB~'g~ duly adopted by
<br /> the Council of the City on May 15, 1989.
<br /> Section 2. That said bonds shall be dated approximately
<br /> June 1, 1490, shall bear interest at the estimated rate of ten per
<br /> centum (10%) per annum, payable semi-annually, until the principal sum
<br /> is paid, and shall mature in five (5) substantially equal annual in-
<br /> stallments 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 $500,000 shall be
<br /> issued in anticipation of the issuance of said bonds for the above-
<br /> described purpose. The Notes shall bear interest at a rate or rates not
<br /> exceeding the maximum interest rate of fifteen per centum (15%) per
<br /> annum, as may be fixed by the Director of Finance in his certificate
<br /> awarding the Notes at private sale, such interest to be payable at
<br />
<br />
<br />
|