61-68 BAN owners portion to improve certain streets

Home Browse Search

Ward, Wendling 0BDINAN~E NOt 61-68 BY: Messrs. Gaydos, Graber: Huffman, Kelley, Usher~ AN EMERGENCY ORDINANCE to provide for the issuance of notes in anticipation of the collection 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 grading of the base, resurfacing with asphaltic concrete including the necessary replacement and resetting of castings and the necessary resetting and replacing of curbs. WHEEEAS, 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 notes to be issued in anticipation of said bonds, and the Director of Finance has certified to this Council such estimated life as exceeding five years and has further certified the maximum maturity of such notes as July 6~ 1970, or one year if sold privately; and WHEREAS, there is now available from revenues $8,000 which is to be applied to the retirement of the outstsading $64,000 note dated July 27, 1967; 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 retire its outstanding note which is about to mature and thereby preserve its credit; NOW~ 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 Lakewood in the principal sum of $56,000 for the purpose of paying the property owners' portion~ in anticipation ofthe cellection of special assessments, and the City's portion of the cest 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 con- crete including the necessary replacement and resetting of castings and the necessary resetting and replacing of curbs, between the termini and in the manner provided in Ordinance Nos. 40-65 to 45-65, inclusive, passed May 3, 1965. Of said amount the City's portion is ~48,900 and the property ,~ners' portion is $7,1OO. Section 2. That said bonds shall be dated approximately July 1, 1969~ shall bear interest at the estimated rate of four per centum (4%) per annum~ payable semi-annually, until the principal sum is paid, and sh~ll mature in five substantially equal annual installments after their issuance. Section B. 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 outstanding $64~0OO note of tl~ City dated July27, 1967, it is hereby declared necessary to issue and there shall be issued notes in the principal amount of $56,000. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at a rate not to exceed four per centum (4~) per annum~ such interest to be payable at maturity. Such notes shall be dated July 26, 1968~ and shall mature on July 25~ 1969; and shall be issued in such number and denomination as requested by the purchaser. Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation~ shall be payable at the office of the Director of Finance, City Hall, Lakewood, Ohio, and sD~ll express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance.