42-67 BAN - owners portion to improve certain streets

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Messrs. Cain, Gaydos, ORDINANCE NO. 42-67 BY~ Huffman, Kelley, Usher, Ward and Wendlin§ AN E~RGENCY ORDINANCE to provide for the issuance of notes in anticipatio~ of the collection of special assessments and in anticipation of the issuance of bonds to pay the property mmers' and the City's portion of the cost of i%proving certain streets in the City of Lakewood~ Ohio= by the necessary grading of the base, re- surfacing with asphaltic concrete including the necessary replacement and resetting of castings and the necessary resetting and replacing of curbs~ WHERE~S~ this Council has heretofore requested the Director of Finance to issue his certificate as to the estim, ated life of the improvement and the maximum maturity of the bonds hereinafter referred to and of the note to be issued in anticipation of said bends, and the Director of Finance has certified to this Counci'~ such estimated life as exceeding five years and has further certified the maximum maturity of such notes as July 67 1970~ or one year if sold privately; and ~ WHERF~S, there is now available from revenues SB,O00 which is to be applie~ to the retirement of the outstanding $67,000 note dated July 27, 1966~ and I'~EREAS~ this Council by two~thirds vote of the members elected thereto determines that this ordinance is ~n emergency measure which is necessary for the immediate issuance and sale of the note herein authorized to enable the City to retire its outstanding note which has matured and thereby preserve its credit. NOW~ THEREFORE~ BE IT ORDAINED by the Council of the City of Lakewood, Cuyahoga County ~ Ohio: S_p~ti~o~l~.. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal sum of 864,000 for the purpose of paying' the property owners' portion, in anticipation of the collection of soecial assessments, and the City's portion of the cost of improving Baxterly Avenue~ Cordova Avenue, Gladys Avenue: Lakewood Avenue, Olivewood Avenue and Winton Avenue by the necessary grading of the base, resurfacing with asphaltic concrete including the necessary replacement and resetting of castings and the necessary resetting and replacing of curbs~ between the termini ~nd in the manner provided in Ordinance No. b0-65 to 45-6~ inclusive, passed May 3, 1965, Of said amount the City's portion is $~,~00, and the property owners' portion is 99,600. ~e__c3io__q.~2~.. That said bonds shall be dated approximately July l~ 1968, she. bear interest at the estimated rate of four per centum (4%) per annum~ payable semi- annually~ until the principal sum is paid: and shall mature in five substantially equal annual installments after their issuance. Section~. That for the purpose of raising money in anticipation of the collection of special assessments and of the issuance of the aforesaid bonds for the above described improvements and to the extent necessary to pay and retire the out- standing $67,000 note of the City dated July ~?, 1966, it is hereby declared necessary to issue and there sh~ll be issued a note in the principal amount of Section ~. Such note shall bear interest at the rate of Two and three- quarters per centu~ (~-3/~} per annum= payable at maturity~ shall be dated July ~?, 1967 and shall mature on or before one year from such date. p_e~et~i_o~n 5. That such note shall be executed by the Mayor and Director of Finmnce and bear the seal of the corporation. It shall be payable at the office of the Director of Finance, City Hall~ Lakewood~ Ohio~ and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance.