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ORDINANCE NO. 56-69
<br />
<br />BY:Messrs. Usher, Ward, Wendling,
<br /> Gaydos, Graber, Huffmau
<br />
<br /> AN EMERGENCY ORDINANCE to provide for the issuance of notes in
<br />anticipation of the collection of special assessments and in anticipafon
<br />of the issuance of bonds to pay the property owners' and the City's portion
<br />of the cost of improving certain streets in the City of Lokewood, Oldie, by
<br />the necessary grading of the base, resurfacing %rith asphaltic concrete
<br />including the necessary replacement and resetting of castings and the
<br />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 mmturity 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 at least ten years and has
<br />further certified the maximum maturity of such notes as July 6, 1970; and
<br />
<br /> %UHEREAS, there is now available from revenues $2,500 which is to
<br />be applied to the retirement of the outstandJ.ng $56,000 note dated July 26~
<br />1968; 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 preservation of the public peace, property,
<br />health and safety for the reason that the immediate issuance and sale of
<br />the notes herein authorized is necessary to enable the City to retire its
<br />outstanding note which is about to m~ture and thereby preserve its credit;
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of
<br />Lakewood, Cuyahoga County, Ohio:
<br /> J
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<br /> Section 1. That it is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal sum of $53,500 for the purpose of paying
<br />the property owners' portion, in anticipation of the collection of special
<br />assessments, and the City's portion of the cost of improving Baxterly Avenue,
<br />Cordov~ Avenue, Gladys Avenue, Lakewood Avenue, Olivewood Avenue and Winton
<br />Avenue by the necessary grading of the base, resurfacing ~ith asphaltic con-
<br />crete including the necessary replacement ~nd resetting of castings and the
<br />necessary resetting and replacing of curbs, between the termini and in the
<br />manner provided in Ordinance Nos. 40-65 to 45-65, inclusive, passed May 3,
<br />1965o .Of said amount the City's portion is $48,900 and the property owners'
<br />portion is $4,600.
<br />
<br /> Section 2. That said bonds shall be dated approximately July 1,
<br />1970, sh~ll 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 />
<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~e above described improvements and to the extent necessary to pay
<br />and retire the outstanding $56,000 note of the City dated July 26, 1968, it
<br />is hereby declared necessary to issue and there sh~.ll be issued notes in the
<br />princ, ipal amount of $53,500.
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<br /> Section 4. That such anticipatory notes in the amount aforesaid
<br />shall bear interest at the rate of five and one-half per centum (5-1/2%) per
<br />annum, such 'interest to be payable at maturity. Such notes shall be dated
<br />July 25, 1969, and shall mature on or before July 6, 1970; and shall be
<br />issued in such number and denomination as requested by the purchaser.
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