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ORDINANCE NO. 5~-69
<br />
<br />BY: Messrs. Wendling, Gaydos,
<br /> Graber, Huffman, Usher,Ward
<br />
<br /> AN EMERGENCY 0RD]2~ANCE to provide for 'the issuance of notes in
<br />anticipation of the collection of special assessments and in onticipation of the
<br />issuance of bonds to pay the property owners' portion 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, resurfaci~i with asphaltic concrete
<br />including the necessary replacement and resetting of castings and the
<br />necessary resetting and replacing of curbs together %~ith necessary appur-
<br />tenances thereto.
<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 maxim~un maturity of the bonds hereinafter referred to and of the
<br />notes to be issued in anticipation of said bonds, and the Director of Finance
<br />has certified to this Council such estimated life as at least ten years and
<br />has further certified the maximum maturity of such notes as July 26, 1973, mr one
<br />year if sold privately; and '
<br />
<br /> WHEREAS, there is now available from revenues $55,700 which is to be
<br />applied to the retirement of the outstanding $185,500 note, dated July 26 1968;
<br />and '
<br />
<br /> WHEREAS, this Council by two-thirds vote of the members elected thereto
<br />determines that this ordinance is an emergency measure which is necessary for the
<br />immediate preservation of the public peace, property, health and safety for the
<br />reason that the immediate issuance and sale of the notes herein authorized is
<br />necessary to enable the City to retire the outstanding note which is about to
<br />m~ture and thereby preserve its credit;
<br />
<br /> NOW, Tt~REFORE, BE IT ORDAINED by the Council of the City of
<br />Lakewood, Cuyahoga County, Ohio:
<br />
<br /> Section 1. That it is hereby declared necessary to issue bonds of
<br />the City of Lakewood in the principal amount of $129,800 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 Beach
<br />Avenue, Brockley Avenue, Cranford Avenue, Crest Lane, Fry Avenue, Lakewood
<br />Avenue, Mars Avenue, Rockway Avenue, and Wayne Avenue and the City's portion
<br />of improving Highland Avenue by agreement with Cuyahoga County by the necessary
<br />grading of the base, resurfacing with asphaltic concrete, replacing and re-
<br />setting, of curbs together with the necessary appurtenances thereto, between
<br />the termini and in the manner provided in Ordinance Nos. 29-68 to 37-68, inclusive,
<br />passed May 6, 1968 and Ordinance No. 48-67 passed July 17, 1967. Of said
<br />amount the City's portion is $116,354.09 and the property owners' Portion is
<br />$ 3,445.91.
<br />
<br /> Section 2. That said bonds shall be dated approximately July 1,
<br /> 1970, shall bear interest at the estimated rate of four and one-half per
<br /> centum (4-1/2~) per annum, payable semi-annually , until the principal sum
<br /> is paid, and shall nature in five substantially equal annual installments
<br />· 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 the above described improvements, and to the extent necessary to
<br />pay and retire the outstanding $185,500 note of the City dated July 26, 1968,
<br />it is hereby declared necessary to issue and there shall be issued notes in
<br />the aggregate principal amount of $129,800.
<br />
<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 one year from date; and shall be
<br />issued in such number and denomination as requested by the purchaser.
<br />
<br />
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