46-65 Levy special assessment to improve certain streets

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ORDINANCE NO. 46-65 BY: Messrs. Cain, Gaydos, Usher, Ward, Wendling, Bennett. AN E~ERGENCY ORDINAN~CE to provide for the issuance of notes in amti- cip~tion of the levy of special assessments and in anticipation of the issuance of bonds to pay the property owners' and the City's portion of the cost of improving certain streets in the City of Lakewood, Ohio, by the necessary grad- ing of the base, resurfacing with asphaltic concrete including the necessary replacement and resetting of castings and the necessary resetting and replacing of curbs together with necessary appurtenances thereto. WHEREAS~ the Council of the City of I~kewood has heretofore by proper legislation determined to proceed with the improvement of the streets herein- after designated 'by the necessary grading of the base, resurfacing with asphaltic concrete including the necessary replaeement and resetting of cast- ings and the necessary resetting and replacing of curbs together with necessary appurtenances thereto; and WHEREAS~ this Council by two-thirds vote of the members elected thereto determines that this ordinance is an-emergency measure which is necessary for the immediate issuance and sale of the notes herein authorized to enable the City to enter ~_uto construction contracts to provide the improvements described herein which are urgently required to eliminate existing hazards to vehicular traffic using the streets of this City; NOW~ THEREFORE~ BE IT 0RDA~VED by the City of Lakewood, Cuyahoga County, Ohio: Section 1o That it is hereby declared necessary to issue bonds of the City of I~kewoo~ in the principal sum of $115,550 for the purpose of p~ying the property owners' portion, in anticipation of the collection of special assessments~ and the City's portion of the cost of improving Baxterly Avenue, Cordova Avenue, Gladys Avenue, L~kewood Avenue, Olivewood Avenue and Winton AVenue by the necessary grading of the base, resurfacing with asphaltic concrete including the necess~ replacement and resetting of castings and the necessary resetting and replacing of curbs together with necessary appurtenances thereto, between the termini and in the Eauner provided in 0rdina~ce Nos~ ~65 to inclusive, passed N~y 3~ 1965o Of said amount the City's portion"~s and the property owners' portion is $57~763o53o Section 2. That said bonds shall be dated approximately June 1, 1966, shall bear interest at the estimated rate of four per centare (4%) per annum, payable semi-aunually~ until the principal sum is p~id, and shall zmmture in five substantially eQu~l annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the levy and collection of special assessments and of the issuance of the afore~ said bonds for the above described improvements, it is hereby declared necessary to issue and there shall be issued notes in the aggre~te principal amount of Section 4. That said notes shall be executed and issued at such time or times as m~y'be fo~d by~theDirector of Finance of ~his City tb be necessary to meet the obligatioms inc~rredby this Council for the improvements referred