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ORDINANCE NO. 60-68 BY: Messrs. Wendling, Ward,
<br /> Usher, Kelley, Gaydos,
<br /> Graber, Hu££man
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes in
<br />anticipation of the collection of special assessments and in anticipation
<br />of the issuance of bonds to pay the property owners' and the City's portion
<br />of the cost of improving Armin Avenue and certain other streets in the City
<br />of L~kewood, Ohio, by the necessary grading of the base, resurfacing with
<br />asphaltic concrete including the necessary replacement and resetting of
<br />castings and the necessary resetting and replacing of curbs.
<br />
<br /> WHEREAS, this Council has heretofore requested the Director of
<br />Finance to issue his certificate as to the estimated life of the improvement
<br />and the maximum maturity of the bonds hereinafter referred to and of the
<br />notes to be issued in anticipation of said bonds, and the Director of
<br />Finance has certified to this Council such estimated life as exceeding
<br />Five years and has further certified the maximum maturity of such notes
<br />as July 27~ 1969, or one year if sold privately; and
<br />
<br /> WHEREAS, there is now available from revenues~ ~24~800 which is
<br />to be applied to the retirement of the outstanding ~114,800 note dated July 2?,
<br />1967; and
<br />
<br /> WHEREAS~ this Council by two-thirds vote of the members elected
<br />thereto determines that this ordinance is an emergency measure which is
<br />necessary for the immediate issuance and.sale of the notes herein authorized
<br />to enable the City to retire its outstanding note which will mature on
<br />July 2?, 1968~ thereby preserving its credit;
<br />
<br /> NOW~ THEREFORE, BE IT ORDAINED by the Council of the City of
<br />Lakewood, Cuyahoga County~ Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal sum of ~90,000 for the purpose of
<br />paying the property owners' portion, in anticipation of the collection of
<br />special assessments, and the City's portion of the cost of improving Armin
<br />Avenue, Bayes Avenue, Elbur Avenue, Garfield Avenue, Glenbury Avenue, Jackson
<br />Avenue, Harlon Avenue, Larchmont Avenue, Maile ~venue, McKinley Avenue,
<br />Northland Avenue, Parkside Drive, Owego Avenue, Richland Avenue~ Roycroft
<br />Avenue, Shaw Avenue~ Spring Garden Avenue, Winchester Avenue, and Wyandotte
<br />Avenue by the necessary grading of the base, resurfacing with asphaltic
<br />concrete including the necessary replacement and resetting of castings and
<br />the necessary ~esetting and replacing of curbs, between the termini and in
<br />the manner provided in Ordinance No. 46-64 to 64-64, inclusive, passed Nay 4,
<br />1964, Of said amount the City's portion is $?8,500, and the property owners'
<br />portion is ~ll,500.
<br />
<br /> Section 2. That said bonds shall be dated approximately July l,
<br />1969, shall bear interest at the estimated rate of four per centum (4%) per
<br />annum, payable semi-annually, until the principal sum is paid, and shall
<br />mature in five substantially equal annual installments a~ter their issuance.
<br />
<br /> Section 3. That for the purpose of raising money in anticipation of
<br />the collection of special assessments and of the issuance of the aforesaid
<br />bonds for the above described improvements and to the extent necessary to
<br />pay and retire the outstanding $114,800 note of the City dated July 27, 1967,
<br />it is hereby declared necessary to issue and there shall be issued notes in
<br />the principal amount of $90,000.
<br />
<br /> Section 4. That such anticipatory notes in the amount aforesaid
<br />shall bear interest at a rate not to exceed four per centum (4%) per annum,
<br />such interest to be payable at maturity. Such notes shall be dated July 26,
<br />1968, and shall mature on July 25, 1969; and shall be issued in such number
<br />and denomination as requested by the purchaser.
<br />
<br /> Section 5. That such notes shall be executed by the Mayor and
<br />Director of Finance and bear the seal of the corporation, shall be payable
<br />at the office of the Director of Finance, City Hall, Lakewood~ Ohio, and
<br />
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