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O]~I)INANCE NO. 3,9-69 By: Messrs, Messrs. Kelley, Usher, Ward,
<br /> Wendlin, g, Gaydos, Graber, Huffman
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<br /> AN EME~.tlGENCY ORDII'IANCE to provide for the issuance of a t~ote in
<br />antici.patton of the levy of special assessments and tn anticipation of the
<br />issuance of bonds to pay the property owners' portion of the cost of
<br />improvin[{ certain properties for off-street parking of motor vehicles ~n the
<br />City of Lakewood, Ohio, by acquiring real estate, demolishing ex~sting
<br />buildings, grading, paving, curbing, light~ng, fencing and providing drainage fa-
<br />cilities together with the necessary appurtenances thereto and widening Carabel
<br />Avenue in front of such properties by relocating the curb and grading and paving.
<br /> WtH~RE~S, the Council of the City of LakeWood has heretofore by proper
<br /> legislation determined to proceed with the improvement of certain properties
<br /> for ofi'-street parking of motor vbhic]_es by acquiring real estate, demolishing
<br /> existing buildings, grading, paving, curbing, lighti~g, fencing and providing
<br /> drainage facilities together with the'6ecessary appurtenances thereto and
<br /> widening Carabel Avenue in connection [herewith; and
<br /> Wt{EREAS, there is now available the sum of $3,730 which is to be
<br /> applied to the retirement of the outstanding $63,000 note dated M.~y 29,
<br /> 1968; and
<br /> WI{EREAS, this Council by two-thirds .vote of the members elected
<br /> thereto determines that this ordinance is an emer~ency measure which is
<br /> necessary for the immediate preservation of the public peace, property,
<br /> health and safety and for the further reason that the immediate issuance and
<br /> sale of the note herein authorized is necessary to enable the City to pre-
<br /> serve its credit by retiring at maturity the outstanding note which is about
<br /> to mature;
<br /> NOW, T}U~REFORE, BE IT ORDAINED by the Council of the City of
<br /> Lakewood, Cuyahoga County, Ohio:
<br /> Section' 1o That it is hereby declared necessary to issue bonds of
<br /> the City of Lakewood in the principal sum of $59,270 in anticipation of .the
<br /> collection of special assessments to pay the property owners' portion of the
<br /> costs of improving properties described in Resolution No. 4569, adopted
<br /> May 15, 1967, by acquiring real estate, demolishing existing buildings,
<br /> grading, paving, curbing, lighting~ fencing and providing drainage facilities
<br /> together with the necessary appurtenances thereto and widening Carabel Avenue
<br /> in connection therewith'.
<br /> Section 2. That said bonds shall be dated approximately May 1,
<br /> 1970, shall bear interest at the estimated rate of five per centum (5~)
<br /> per annum, payable semi-annually, until the principal sum is paid, and
<br /> shall mature in twenty-five substantially equal annual installments after
<br /> their issuance.
<br /> Section 3. That for the put. pose of raising money in anticipation
<br /> of the levy and collection of special assessments and of the issuance of the
<br /> aforesaid bonds for the above described improvement, it is hereby declared
<br /> necessary to issue and there shall be issued a note~ in the principal amount
<br />,~ of $59,270.
<br /> Sect'ion 4. Such note shall bear interest at a rate not exceeding
<br /> five and one-half per centum (5-1/2~) per annum, payable at maturity, shall
<br /> be dated May 29, 1969 and shall mature on~ or before one year from such date.
<br /> That such note shall be executed by the ~yor and Director of
<br /> Finance and bear t~e seal of the Corporation. It shall be payable at the
<br /> 'office of the Director of Finance, City Hall, Lakewood, Ohio, and shall
<br /> e~press upon its face the purpose for which it ~.s issued and that it is issued
<br /> pursuant to this ordinance.
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