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Messrs. Bennett, Gaydos,
<br /> ORDINANCE NO. 65-65 BY: Huffman, Usher,
<br /> Ward, Wendling.
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes in ~ntici-
<br />pation of the levy of special assessments and in anticipation of the issuance
<br />of bonds to pay the property owners' and the City's portion of the cost of
<br />improving certain streets in the City of La~ewood, Ohio, by the necessary
<br />grading of the base, resurfacing with asphaltic concrete including the necessary
<br />replacement and resetting of castings and the necessary resetting and replacing
<br />of curbs together with necessary appurtenances thereto.
<br />
<br /> WHEREAS, this Council by two-thirds vote of the members elected there-
<br />to determines that this ordinance is an emergency measure which is necessary for
<br />the immediate issuance and sale of the notes herein authorized to enable the
<br />City to retire its outstanding note which has matured and thereby preserve its
<br />credit;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood,
<br />Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds of the
<br />City of Lakewood in the principal sum of $173,000 for the purpose of paying the
<br />property owners' portion, in anticipation of the collection of special assess-
<br />ments, and the City's portion of the cost of improving Armin Avenue, Bayes
<br />Avenue, Elbur Avenue, Garfield Avenue, Glenbury Avenue~ Jackson Avenue, Harlon
<br />Avenue, Larchmont Avenue, Maile Avenue, McKinley Avenue, Northland Avenue,
<br />Parkside Drive, Owego Avenue, Ric~h~.d Avenue, Roycroft Avenue, Shaw Avenue,
<br />Spring Garden Avenue, Winchester Avenue, and Wyandotte Avenue by the necessary
<br />grading of the base, resurfacing with asphaltic concrete including the necessary
<br />replacement and resetting of castings and the necessary resetting and replacing
<br />of curbs together with necessary appurtenances thereto, between the termini and
<br />in the manner provided in Ordinance Nos. 46-64 to 64-64, inclusive, passed
<br />May 4, 1964. Of said amount the City's portion is $124,200, and the property
<br />owners' portion is $48,800.
<br />
<br /> Section 2. That s~id bonds shall be dated approximately July l, 1966,
<br />shall bear interest at the estimated rate of four per centUm (4%) per annum,
<br />payable semi-annually, until the principal sum is paid,~and shall mature in
<br />five substantially equal annual installments after their issuance.
<br />
<br /> Section 3. That for the purpose of raising money in anticipation of
<br />the levy and collection of special assessments and of the issuance of the
<br />aforesaid bonds for the above described improvements and to pay and retire the
<br />outstanding $234,600 note of the City dated July 27, 1964, it is hereby declared
<br />necessary to issue and there shall be issued m note in the principal amount of
<br />$173,000.
<br />
<br /> Section 4. Such note shall bear interest at the rate of two and one-
<br />quarter per centum (2-1/4~) per annum, payable at maturity, shall be dated
<br />July 27, 1965 and shall mature on or before one year from such date.
<br />
<br /> Section 5. That such note shall be executed by the Mayor and
<br />Director of Finance and bear the seal of the corporation. It shall be payable
<br />at the office of Society National Bank of Cleveland, Cleveland, Ohio, and shall
<br />express upon its face the purpose for which it is issued and that it is issued
<br />pursuant to this ordinance.
<br />
<br /> Section 6. All assessments collected for the improvement aforesaid,
<br />and any unexpended balance remaining in the improvement fund after the costs
<br />and expenses of said improvements have been paid, shall be applied to the pay-
<br />ment of said note and the interest thereon until both are fully provided for.
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