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RESOLUTION NO. 3872 BY: Messrs. Gaydos, Lawther, Ward, Chockiey, Fahrenbach. A RESOLUTION declaring it necessary and conducive to the public health, convenience and welfare to improve Waterbury Road from Franklin Blvd. to MadiSon Ave. by resurfacing same with asphaltic concrete and doing any and all grading, draining and curbing or other work necessary thereto. BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1, That it is deemed and declared necessary to improve Waterbury Road from Franklin Blvd. to Madison Ave. by resurfacing same with asphaltic concrete and doing any and all grading, draining and curbing or other work necessary thereto. Section 2. That the plans, specifications, estimates and pro- files for said improvement heretofore prepared by the Engineer on file in the office of the Department of Public Works, be and the same are hereby approved. Section ~. That the entire cost and expense of said improve- ment (less 50% of the cost1 shall be levied and assessed in proportion to the benefits which will result from said improvement upon the:lots ant lands bounding and abutting eaid improvement which said lots and lands are hereby determined to be specially benefitted by said improvement, and the cost and expense of the improvement shall include the expense of preliminary and other surveys, printing and publishing notices, reso- lutions and ordinances required, the serving of notices and the cost of cOnstruction, together with the interest on bonds that shall be issued in anticipation of the collection of deferred payments of assessments and other necessary and incidental expense. Section ~. That the assessment so to be levied shall bepayable in five annual installments, with interest on deferred payments at the rate of three per centum per annum, payable semi-annuallY, provided, however, that the owners of any of said lots or parcels of land so assessed may, at their option, pay such assessment within thirty (301 days after the passage of the assessing ordinance in this proceeding, and such cash payment of assessments shall not include any items of interest on bonds to be issued in anticipation of the collection of deferred installments of assessments. Section 5. That bonds of the City of Lakewood shall be issued in anticipation of the collection of said assessments in an amount equal thereto. Section 6. That the remainder of the entire cost and expense of said improvement not specially assessed' including damages awarded to any owner of adjoining lands or interest therein shall be paid out of the Gasoline Tax, Motor Vehicle License Tax or other funds of the City of Lakewood. Section 7. That this resolution shall take effect and bein force upon its passage and approval by the Mayor and at the earliest period allowed by law. Adopted: ~Y 5. 19~8 Thomas C. Ward , President Approved: May 7. 1958. N. A. Rees Clerk FraDk P. Celeste MaYo'r