43-67 BAN - owners portion to improve Armin Ave

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Messrs. Cain, Gaydes, Huffman~ ORDINANCE NO. BY~ Kelley, Usher, Wendllng 43-67 AN EMERGENCY ORDINANCE to provide for the issuance of notes in anticipatfor' of the collection of special assessments and in anticipation of the issuance of bond~ to pay the property owners' and the City's portion of the cost of improving Armin Avenue and certain other streets in the City of Lakewood~ Ohio, by the necessary grading of the base, resurfacing with asphaltic concrete includfng the necessary replacement and resetting of castings and the necessary resetting and replacing of curbs. %~EREAS~ this Council has heretofore requested the Director of Finance to issue his certificate as to the estimated 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 bonds~ and the Director of Finance has certified to this CouDc~[ such estimated life as exceeding five years and has further certified the maximum maturity of such notes as July 27~ 1969~ or one year if sold privately and ~EREAS. there is now available from revenues ~3,200 which is to be appli to the retirement of the outstanding $158,000 note dated July 27, 1966' and ~EREAS~ this Council by two--thirds vote of the me~ubers elected thereto determines that this ordinance is an 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~ NO%~ THEREFORE: BE IT ORDAINED by the Council of the City of Lakewood~ Cuyahoga County~ Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewoo~ the principal sum of $11~800 for the purpose of paying the property owners~ portion, in anticipation of the collection of special assessments, and the City's portion of the cost of inprovin~ Armin Avenue, Bayes Avenue~ Elbur Avenue~ Garfield Avenue~ Glenbury Avenue, Jackson Avenue~ Harlon Avenue~ Larchmont Avenue, Maile Avenue, ?~cKinley Avenue, Northland Avenue, Parkside Drive, Owego Avenue~ Richland Avenue, Roycroft Avenue~ Shaw Avenue~ Spring Garden Avenue, Winchester Avenue~ and %~andotte Avenue by the necessary grading of the base: resurfacing with asphaltic concrete including the necessary replacement and resettin~ of castings and the necessary resetting and replacing of cur~s~ between the termini and in the manner provided in Ordinance No. 46-64 to 6~-6h, ~nclus~.ve~ passed May 4, 196~. Of said amount the City's portion is $91,000, and the property owners' portior is $23,800. ~ection 2. That said bonds shall be dated approximately July 1~ 1968~ sha~ bear interest at the estimated rate of four per centum (~%) per ann~m~ 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 $158,000 note of the City dated July 27, 1966, it is hereby declared necessary to issue and there shall be issued a note in the principal amount of Section 4. Such note shall bear interest at the rate of Two and three~ quarters per centum (2-3/~%) per annum~ payable at maturity shall be dated July 27~ 1967 and shall mature on or before one year fr~ such date. Section ~. That such note shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. It shall be payable at the office of the Director of Finance, City H~ll~ Lakewood~ Ohio, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance.