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ORDINANCE NO. 75-58
<br />
<br />BY: Messrs. Gottermeyer, Lawther,
<br /> Ward, Chockley,
<br /> Fahrenbach, Fairgrieve.
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of a note by
<br />the City of Lakewood, Ohio, in anticipation of the issuance of bonds
<br />to provide a fund for the property owners' portion of the funds nec-
<br />essary for the constructing, resurfacing, grading or draining of the
<br />following streets:
<br />
<br />Arthur Avenue, from Detroit Avenue to Nilliard Road
<br />Chesterland Avenue, from Madison Avenue to Lewis Drive
<br />Lauderdale Avenue, from Detroit Avenue to Madison Avenue
<br />Waterbury Road, from Madison Avenue to Franklin Boulevard
<br />Hird Avenue, from Williamson Avenue to Clifton Boulevard
<br />Coutant Avenue, from Detroit Avenue to Madison Avenue
<br />McKinley Avenue, from Hilliard Road to Delaware Avenue
<br />
<br /> WHEREAS, This Council has requested the Director of Finance, as
<br />fiscal officer of the City, to issue his certificate as to the estimated
<br />life of the improvement to be constructed from the proceeds of the
<br />bonds hereinafter referred to, and of the note to be issued in antic-
<br />ipation of the issuance of said bonds, as to the maximum maturity of
<br />such bonds and note, and the Director of Finance has certified to
<br />this Council such estimated life as exceeding five years and has
<br />further certified the maximum maturity of said bonds as five years,
<br />and such note as two years; and
<br />
<br /> WHEREAS, An emergency exists in that said streets are in immed-
<br />iate need of reconstruction, repair or resurfacing, and the passage
<br />of this ordinance is necessary to make funds available for said pro-
<br />jects, and because it provides for the immediate preservation of the
<br />public property, safety and usual daily operation of a municipal
<br />department, now, therefore,
<br />
<br /> BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF
<br />OHIO:
<br />
<br /> Section 1. That this Council hereby declares that it is nec-
<br />essary to issue bonds of the City of Lakewood, Ohio, in the principal
<br />sum of $43,000.00 to provide a fund for the purpose of constructing,
<br />resurfacing, grading or draining the following streets~
<br />
<br />Arthur Avenue, from Detroit Avenue to Hilliard Road
<br />Chesterland Avenue, from Madison Avenue to Lewis Drive
<br />Lauderdale Avenue, from Detroit Avenue to Madison Avenue
<br />Waterbury Road, from ~dison Avenue to Franklin Boulevard
<br />Hird Avenue, from Williamson Avenue to Clifton Boulevard
<br />Coutant Avenue, from Detroit Avenue to Madison Avenue
<br />McKinley Avenue, from Hilliard Road to Delaware Avenue
<br />
<br /> Section 2o That said bonds of the City of Lakewood, Ohio, shall
<br />be issued in the principal sum of $43,000.00 for the purpose afore-
<br />said. That said bonds shall be of the denomination of forty-three
<br />bonds of one thousand dollars each, and shall be dated September l,
<br />1959, shall bear interest at the rate of 3% per annum, payable semi-
<br />annually on the first day of April and the first day of October of
<br />each year until the principal sum is paid, and shall mature in sub-
<br />stantially equal annual installments after their issuance~
<br />
<br /> Section 3. That it is necessary and this Council hereby deter-
<br />mines that a note shall be issued in anticipation of the issuance of
<br />such bonds.
<br />
<br />
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