24-70 BAN property owners portion to improve streets

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ORDINANCE NO. 24-70 Messrs. Usher, Ward, Wendling, BY: Gaydos, Graber, Huffman, Kelley AN EMERGENCy oRDINANCE to provide for the issuance of notes in anticipation o£ 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 including the necessary replacement and resetting of castings and the necessary' resetting and replacing o£ curbs together with necessary appurtenances thereto. WHEREAS, the Council of the City o£ Lakewood has heretofore by pro- per legislation determined to proceed with the improvement of the streets hereinaftem designated by the necessary grading o£ the base, resurfacing 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 WHERFAS, this Council by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is necessary for the immediate issuance and sale of the notes herein authorized to enable the City to enter into construction contracts to provide the improve- merits described herein which are urgently required to eliminate existing hazards to vehicular traffic using the streets of this City; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of Lakewood in the principal amount of $130,000 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 Belle Avenue, Ethel Avenue, Gridley~Street, Halstead Street, Rio Street, Robinwood Avenue and Scenic Street by the necessary grading of the base, resurfacing with asphaltic concrete, replacing and resetting of curbs together with the necessary appurtenances thereto, between the termini and in the manner pro- vided in Resolutions Nos. 4756, 4758, 4759, 4760, 4761, 4762, and 4763, passed February 16, 1970. Of said amount the City's portion is $ 66,000 and the property owners' portion is $ 64,000. . Section 2. That said bonds shall be dated approximately June 1, 1971, shall bear interest at the estimated rate of six per centum (6%) per annum, payable 'semi-annually, until the principal sum is paid, and shall mature in five substantially equal annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the levy and collection of special assessments and of the issuance of the aforesaid bonds for the above described improvements, it is hereby declared necessary to issue and there shall be issued notes in the aggregate principal amount of $130,000.