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Kelley, Gaydos
<br /> Wendling, Ward,
<br />ORDINANCE NO. 62-68 BY: Messrs. Graber,
<br /> Usher, Huf£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 p~y the property owners' and the City's portion
<br />of the cost of improving certain streets in the City of Lakewood, Ohio, by
<br />the necessary grading of the base, resurfacing with asphaltic concrete
<br />including the necessary replacement and resetting of castings and the necessary
<br />resetting and replacing of curbs.
<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 notes
<br />to be issued in anticipation of said bonds, and the Director of Finance has
<br />certified to this Council Such estimated life as exceeding five years and has
<br />further certified the maximum maturity of such notes as June 21, 1971, or
<br />one year if sold privately; and
<br /> WHEREAS, there is now available from revenues $16,980 which is to
<br /> be applied to the retirement of the outstanding $118,880 note~ dated
<br /> July 27, 1967; and
<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 the outstanding note which is about to mature
<br /> and thereby preserve ~its credit.
<br /> NOW~ THEREFORE~ BE IT ORDAINED by the Council of the City of
<br /> Lakewood, Cuyahoga County, Ohio:
<br /> Section 1. That it is hereby declared necessary to issue bonds of
<br /> the City of L~kewood in the principal sum of $101,900 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
<br /> Andrews Avenue, Cliffdale.~Avenue, Donald Avenue~ Edgewater Drive, Lakeland
<br /> Avenue, Lark Street~ Orchard Grove Avenue~ ~rk Place, Ridgewood Avenue~
<br /> Leedale Avenue, Robin Street, Rosewood Avenue,and Rosalie Avenue by the
<br /> necessary grading of the base, resurfacing with asphaltic concrete including
<br /> the necessary replacement and resetting of castings and the necessary re-
<br /> setting and replacing of curbs, between the termini and in the manner provided
<br /> in Ordinance No~. 29-66 to 41'66, inclusive~ passed April 18, 1966. Of said
<br /> amount the City's portion is $77~B00, and the property owners' portion is
<br /> $24,600.
<br /> Section ~. 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 after their issuance.
<br /> Section 3. That for the purpose of raising money in anticipation
<br /> of 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 pay
<br /> and retire the outstanding' $118,880 note of the City dated July 27, 1967, it
<br /> is hereby declared necessary to issue and ti~ere shall be issued notes in
<br /> the principal amount of $101,900.
<br /> Section 4. That such anticipatory notes in the amount aforesaid
<br /> shall bear interest at a rate not to exceed four per centum (~) 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.
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<br /> Section 5o 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 /> shall express upon their faces the purpose for which they are issued and
<br /> that they are issued pursuant to this ordinance.
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