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RESOLUTION NO. 3681 BY Mr. Gottermeyer <br /> <br /> AN EMERGENCY RESOLUTION declaring the necessity of issuing <br />Water Main Bonds of the City of Lakewood in the principal amount of <br />one hundred thousand dollars to improve the water distribution system <br />by installing a 12" main in McKinley Avenue from Riverside Drive to <br />Madison, and replacing the existing 6" main with a 12" main in Riverside <br />Drive between Madison Avenue and West Clifton Blvd., with necessary <br />valves, hydrants and other appurtenances incidental and necessary <br />thereto. <br /> <br /> WHEREAS, An emergency exists in that it is necessary to im- <br />prove the water distribtuion system of the City of Lakewood, and that <br />it is for the immediate preservation of the public peace, property, <br />health or safety, or providing for the usual daily operation of a <br />municipal department; now, therefore <br /> <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE <br />OF OHIO: <br /> <br /> Sectionol. It is hereby declared necessary to issue Water <br />Main Bonds of the City of Lakewood in the principal amount of one <br />hundred thousand dollars for the purpose of improving the water dis- <br />tribution system by installing a 12" main in McKinley Avenue from <br />Riverside Drive to Madison, and replacing the existing 6" main with a <br />12" main in Riverside Drive between Madison Avenue and West Clifton <br />Blvd., with necessary valves, hydrants and other appurtenances inci- <br />dental and necessary thereto. <br /> <br /> Section 2. The entire project, including all expenses, legal,~ <br />engineering and financial, incidental thereto, shall be financed by <br />the issuance and sale of negotiable revenue bonds under the powers <br />granted by Section 3, Article XVIII of the Constitution of Ohio, which <br />bonds shall be called Water Main Bonds of the City of Lakewood, and <br />which shall impose no liability upon the City of Lakewo0d but are to <br />be payable only from, and secured by the pledge of, the revenues de- <br />rived from the sale of water by the City of Lakewood. <br /> <br /> Section 3. That the retirement of such bonds and the interest <br />thereon shall de paid in twenty five equal annual installments. <br /> <br /> Section ~. This resolution is hereby declared to be an emer- <br />gency measure for the reasons stated in the preamble hereof, and pro- <br />viding it receives the affirmative vote of two-thirds of all members <br />elected to Council, it shall take effect and be in force immediately <br />upon its adoption and approval by the mayor. <br /> <br />Adopted: March <br /> <br />Approved: Mar.ch.6, 1956... <br /> <br />Thomas C. Ward <br /> President <br /> <br />H. A. Rees <br /> <br />Clerk <br /> <br />Frank P. Celeste <br /> <br />Mayor <br /> <br /> <br />