37-69 BAN owners portion to improve certain streets

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ORDINANCE NO. 37-69 BY: Messrs. Huffman, Kelley, Usher, Ward, Wendting, Gaydos, Graber AN EMERGENCY ORDInaNCE to provide for the issuance of notes in anticipation of the levy 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 includiug the necessary replacement aud resetting of castings and the necessary resetting and replacing of curbs together with necessary appur- tenances thereto. WHEREAS, the Council of the City of Lakewood has heretofore by proper legislation determined to proceed with the improvement of the streets hereinafter designated 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 together with necessary appurtenances thereto; and WHER]~S, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is neces~ry for the immediate issuance aud sale of the notes herein authorized to enable the City to enter into construction contracts to provide the improvements described herein which are urgeutly required to eliminate existing hazards to vehicular traffic using the streets of this City; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cu~mhoga County, Ohio: o' , Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $165,000 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 improving Bonnie View Avenue, Dowd Street, Edwards Avenue, Magee Street, Marlowe Avenue, Marlowe Avenue, Quail Street, Ramona Avenue, and Summit Avenue by the neces- sary grading of the base, resurfacing with asphaltic concrete, replacing and resetting of curbs together with the necessary.~appurtenances thereto, between the termini andiu the manner provided in Ordinance 28-69 to 36-69 inclusive, passed May 5, 1969. Of said amount the City's portion is $87,202~ and the property .owners portion is $77,798. Section 2. That said bonds shall be dated approximately June l, 1970, shall bear inteEest at the estimated rate of five per centum (5%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in five substantially equal annual installments after their issuance.