4598 - 48 BAN - Improve Plover Ave

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k 98 by-Mr. Dawson. AN EM~.HGENCY ORDINANCE authorizing the Mayor and Director of Finance to borrow money and issue notes in anticipation of the levy of special assessments and of the issuance of bonds in anticipation of the collection thereof~ for the improve- ment of Plover Avenue by resurfacing same with sheet asphalt or asphaltic concrete and doinganyand all gradir~, draining and curbing or other work necessary thereto. WHEREAS, the Director of Finance has certified to this Council, as provided by Section 2293-10 of the General Code, that the estimated life of the improvement hereinafter referred to exceeds five (5) years and~ that~the m~mum maturity of the notes hereinafter referred to is two (2) years, and, WHEREAS~ this CouncLl estimates and determines that the levy of special assess- ments for said improvement, hereinafter specified, will be made and that the bonds will be issued in anticipation of the collection of special assessments prior to the date of maturity of the notes hereinafter authorized in order to pay said notes at maturity as provided bylaw. ~EREAS, an emergency exists for the ~mediate preservation of the public property, health and~ safety and to provide for the usual daily operation of a municipal department, now therefore, BE IT OP~AINED BY THE COUNCIL OF THE CITY OF LAk~OOD, STATE OF OHIO: Section 1. That it is deemed and declared necessary to b~rrow in the aggregate sum of ~OUR THOUSAND SEVEN HUNDP~D DOLLARS ($4,700.00) and the Mayor and Director of F~ance are hereby authorized and directed to borrow such sum and to issue a note or notes of the City of Lakewood in said principal sum of Four Thousand Seven Hundred Dollars ($4,700.00) in anticipation of the levy of special assessments and the issuance of bonds as provided by' law, particularly pursuant to and in full compliance with the Uniform Bond Act, in order to provide a fund with which to pay the property owners' share of the cost and expense of improving Plover Avenue by resurfacing same in the manner provided for in the resolution declaring the necessity of said improvement and the orS~Bance determining to proceed therewith. Section 2. That said note or notes shall be executed and delivered in such manner and in such denominations as may be determined necessary not exceeding the aggregate said sum of Four Thousand Seven Hundred Dollars ($4,700.00) and shall be designated "City of La~ewood - Plover Avenue Resurfacing Note"; shall be dated'December 1, 1948; shall draw interest at the rate of Two Percent (2%) per annum, payable semi- annually on the first day of April and October of each year; shall have interest coupons to be attached to said note or notes, bearing the signature of the Director of Finance and shall be due on or before the first day of December 1, 1950. Section 3. Said note or notes shall be prepared in the form directed by the Directo~ of Law, shall be signed by the Mayor and Director of ~nauce and sealed with the Mayor's seal, shall express upon their faces the purpose for which they are issued and that they are issued pursuant to and in cumpliancewith the Uniform Bond Act and the provisions of this ordinance and shall be payable, both principal and interest a' the office of the Director of Finance, Lakewood City Hall, Lakewood, Ohio. Section 4. That the money so borrowed on said notes, except premium and accrued interest, if any, and a sum to pay the interest on said notes prior to the issuance of bonds, shall he placed in the City Treasury to the credit of the Plover Avenue Resurfacing Fund. Said sum of money shall be disbursed upon proper voucher for the purpose aforesaid and for no other purpose. The premium and accrued interest, if any, and an amount sufficient to pay the interest upon said note, or notes, prior to the issuance of bonds as herein provided, shall be transferred to the Bond Retirement Fand to be applied by them in accordance with law.