3565 - 53 Certify max maturity of bonds & notes for streets

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_ z RESOLUTION NOo 3565 BY Mro Fahrenbach AN EN~EtGENCY RESOLUTION requesting the Director of Finance to certify to this C®uncil the estimated life of the improvement, the maximum maturity of bonds and of anticipatory notes to be issued, ppending the issuance of such bonds in the wnount oP Forty-Five Thousand Dollars ($45,000000) proposed to be issued for the purpose of constructing, resurfacing, grading and draining attests, ina].ud- ing the CityTa portion of the cost of resurfacing Detroit Avenue from Highland Avenue to Sloane Avenue in the City of Lakewood. WHEREAS, this Council contemplates issuing Forty-Five Thousand Dollars ($45,000000) in bonds, the proceeds of which are to be used for constructing, re- surfaaing, grading and draining of streets, and contemplates the issuance of anti- aipatory notes, pending the issuance of such bonds; and WHEEiEAS, Sections 2293-2 and 2293-10 of the General Code require the fiscal officer of the City to certify to this Council. the estimated life of the improve- '~,'i went proposed to be aonatruated from the proceeds of said notes and bonds and also to certify to Chia Council the maximum maturity of such bonds aalaulated inaacord- anae with the provisions of Saation 2293-9 of the General Code; and WHEREAS, the Director of Finance is the fiscal officer of the City of Lakewood, as defined in Section 2293-1 of the General Code; and ~f WHEREAS, an emergency exists for the reasons that the City is cooperating with the County of Cuyahoga in the resurfacing oaf Detroit Avenue from Highland Avenue to Sloane Avenue, requiring immediate provision by the Gity of funds for such purpose; and in that it provides for the public welfare and safety and the usual daily opera- ~ tien of a municipal department; now, therefore, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIOE Section to That the Director of Finance be, and he is hereby, requested to aertif~r to this Council his aonclusiona as to the estimated life of sash im- provement, the maximum maturity of auah bonds, and the maximum maturity of any anticipatory note or notes issued, pending the issuance of such bonds, and such further information as may be required by law• Section 20 Thia resolution is hereby declared to be an emergency measure - for the reasons stated in the preamble hereof and, provided it receives the affir- mative vote of two-thirds of all members elected to Council, it shall take effect and be in force immediately upon its adoption, AdoptedE Aueust 13, 1953 George F• Quinn President Ho As Rees Approved: Ausust 13, 1953 Clerk Ao I. Kauffman Mayor