45-01 Homewood Drive Improvement

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incurred by the Oty on bonds and notes Issued in antidpalJon of the lew and collection of the spedal assessments together with all other necessary expenditures. Section 7... That the list of estimated assessments as heretofore prepared by the Director of Rnance and as amended, equalized and adjusted by the Board in its report be and the .same is hereby approved and the assessments so to be levied shall be paid in ten semiannual installments, with interest on deferred payments at the same rate as shall be borne by the bonds to be Issued in antidpation of the collection thereof, provided that the owner of any property to be assessed may, at his option pay such assessment in cash within thirty (30) days of receipt of the City's Invoice. Section 8. That obligations of the City shall be issued, in antidpation of the collection of spedal assessments by installments and in an amount equal thereto, for the purpose of providing funds to pay the cost of this improvement. Section 9. That pursuant to Artide XIV, Section :[6, of the Charter of the City, the Director of Public Works has heretofore certified to this Council that this estimate of the life of the improVement described in sections :[ and 2 hereof is twenty (20) years. Section 10. That'the Director of Public Works be and he is hereby authorized and directed as soon as the funds hereof are available to-make and execute a contract for materials and certain services with the lowest and best bidder after advertising according to law. Section :[:[. That the Clerk of this Coundl be and she is hereby directed to deliver to the Auditor of Cuyahoga County a certified copy of this ordinance within fifteen (15).days following its passage. Section :[2. That it is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all such deliberations of this Council and of any of its committees that resulted in such formal action were in meetings open to the public in compliance with all legal requirements. Section :[3. That this ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the usual daily operation of the City .for the reasons set forth and defined in the preamble to this ordinance, and provided it receives the affirmative vote of at least five (5) of It~ m&mbers elected to Council, this Ordinance shall take effect and be in force immediately upon its adoption by the Coundl and approval by the Mayor otherwise, it shall take effect and be in force after the eadiest pedod allowed by law. President of Coundl Approved Clerk of Coundl ~/ M~yor.